(Adds the timing of the two existing bids for Telecom Italia
Media in the fourth paragraph.)
By Manuela Mesco
MILAN--Italian businessman Diego Della Valle said Saturday he
presented an expression of interest to the board of Italy's largest
telecom company Telecom Italia SpA (TI, TIA, TIT.MI) to buy its
broadcasting channel La7.
In a statement, Mr. Della Valle, owner of shoe and apparel maker
Tod's SpA (TOD.MI), said he wants to put together a group of
investors to make an offer for the television channel controlled by
Telecom Italia's broadcasting unit Telecom Italia Media SpA (TIAMY,
TME.MI). The unit, which also controls other channels and
television frequencies, was put up for sale last year.
Mr. Della Valle said the group of investors, which will include
people currently working for La7 among others, would buy the
channel to "support an important instrument of information,
guaranteeing its total independence," the statement said.
Italian advertising company Cairo Communications SpA (CAI.MI)
and private-equity fund Clessidra are bidding for Telecom Italia
Media. Both made their bids late last year.
Earlier this month, Telecom Italia Media reported a preliminary
gross operating loss of 44.8 million euros ($59.8 million) for
2012, compared with a gross operating profit of EUR27.3 million in
2011. The company's net debt rose to EUR260.1 million at the end of
December, up from EUR224.1 million three months earlier.
Write to Manuela Mesco at manuela.mesco@dowjones.com
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