MILAN--Telecom Italia SpA (TI) has started to review initial
reports from advisers at Mediobanca SpA (MB.MI) and Citigroup Inc.
(C) on the possible sale of its 77% stake in broadcasting unit
Telecom Italia Media SpA (TME.MI), as the company's board met
Thursday.
No decision has been made yet, a spokesperson said, adding: "It
will take a long time for the process to be completed."
The Italian media company is selling some assets to focus on its
core activities, and plans to cut its net debt to its 2012 target
of 27.5 billion euros ($35.6 billion), it said in May.
While Telecom Italia posted a EUR606 million net profit in the
first quarter, compared with EUR549 million a year earlier, Telecom
Italia Media lost EUR15.7 million in the first quarter of 2012,
compared with EUR9.2 million a year earlier. This has likely made
the broadcasting unit a candidate for sale.
TI Media broadcasts the La7 and MTV Italia channels and owns
three multiplexes.
Write to Manuela Mesco at manuela.mesco@dowjones.com