Mediaset says has pulled out of race for TI Media

MILAN, Sept 18 (Reuters) - Italy's biggest private broadcaster Mediaset, owned by former Prime Minister Silvio Berlusconi, said on Tuesday it had withdrawn from a contest to buy smaller TV rival Telecom Italia Media.

Telecom Italia Media and its La7 television channel were put on sale by parent company Telecom Italia to help cut debt. The deadline to present non-binding offers is Sept. 24.

Mediaset said in a statement that it had expressed interest in a possbile offer for Telecom Italia Media in June, but had decided a month later not to go ahead in the sale process.

Shares in TI Media were suspended and indicated up 17 percent on Tuesday after media reports that around 10 companies, including Mediaset, had expressed an interest in the small broadcaster.

(Reporting by Claudia Cristoferi)