More Gauls in Rome
TF1 in talks for stake in Stream digital op
After a first round of talks failed earlier this year, Rupert Murdoch's News Corp. Europe signed a memorandum of understanding Tuesday with Telecom Italia to acquire a 35% stake in Stream.
According to the agreement, which should be ratified by May 15, a 35% stake will remain with the Italian telco, a 18% stake will be sold to Italian film producer and distributor Vittorio Cecchi Gori, and a further 12% will go to SDS, a newly established company created by four Italian soccer clubs.
At least some of these stakes will obviously change if negotiations with TF1 are successful. It's not yet clear which shareholder will reduce its stake.
If TF1 comes aboard, it will be the French broadcaster's debut in Italian TV. Its competitor, Canal Plus, is already operating in Italy, owning a majority stake in dominant pay TV operator Telepiu and a minority stake in Italy's leading commercial TV company, Mediaset.
