UPDATE 1-Telecom Italia Media looks at options for assets

* No plan to sell La7 TV channel

* Shares up 4.8 percent, off highs

(Adds detail, share price)

MILAN, July 10 (Reuters) - Italian broadcaster Telecom Italia Media (TCM.MI) has no plan to sell its La7 TV channel but is looking at possible options for unspecified assets, the company said on Friday.

Daily newspaper La Stampa had reported businessman Tarak Ben Ammar was considering buying the company's La7 and MTV channels.

"There is no sale plan for the La7 television network, while analysis is under way on hypotheses of valorisation of single broadcasting assets," Telecom Italia Media, a unit of phone company Telecom Italia (TLIT.MI), said in a statement.

Ben Ammar was seen as close to media chiefs Rupert Murdoch of News Corp (NWSA.O) and Silvio Berlusconi, Italy's prime minister and owner of Mediaset (MS.MI), Italy's biggest private broadcaster, La Stampa said.

By 1237 GMT, the shares were up 4.8 percent at 0.1204 euro, off earlier highs before the Telecom Italia Media statement. (Reporting by Danilo Masoni; Editing by Dan Lalor)