Telecom Italia Media says La7 channel sold at symbolic 1 mln euros
MILAN, March 4
MILAN, March 4 (Reuters) - Telecom Italia Media, the Italian broadcaster controlled by Telecom Italia, said on Monday it had agreed to sell its loss-making La7 channel to Cairo Communication for a symbolic 1 million euros ($1.30 million).
In a statement, Telecom Italia Media said La7 will be recapitalised before the transaction in order to give the channel a positive net financial position of at least 88 million euros.
As part of the agreement, Telecom Italia will waive 100 million euros in receivables due from its subsidiary.
Telecom Italia Media also approved its 2013-2015 business plan which foresees a positive net cash flow from 2014. EBITDA is expected to rise 36 percent and EBITDA margin to reach 33 percent at the end of 2015. ($1 = 0.7702 euros) (Reporting By Danilo Masoni, editing by Stephen Jewkes)
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