Clessidra mulls joint offer with Della Valle for TI Media -source

MILAN Feb 28 (Reuters) - Italian investment fund Clessidra is in preliminary talks with the head of luxury goods group Tod's, Diego della Valle, for a possible new offer for Telecom Italia Media, a person close to matter said on Thursday.

Shares in Telecom Italia Media reversed losses and rose 2.37 percent after the report.

Della Valle emerged as surprise bidder on Feb. 16, when he threw his hat into the ring to acquire the Italian television broadcaster after a deadline for bids had expired.

The group instead decided to open exclusive talks with rival bidder media company Cairo Communication.

Telecom Italia Media on Wednesday postponed the approval of the sale of its flagship La7 network to Cairo to March 4, saying some details still needed to be worked out. (Reporting by Massimo Gaia, editing by Jennifer Clark)