MILAN Nov 5 The deadline for submitting binding
offers for Italy's third largest broadcaster Telecom Italia
Media is likely to slip to Nov. 30 from Nov. 19, two
sources close to the situation told Reuters on Monday.
"The deadline is set to be postponed to Nov. 30," one of the
Italian telecoms group Telecom Italia has put its
loss-making media arm up for sale as it seeks to cut debt. Its
plans to sell the 77-percent-owned unit by year-end are
complicated by uncertain prospects of the media industry.
Private equity fund Clessidra, Hutchison Whampoa's
Italian telecom operator 3, U.S. TV group Discovery
Communications and advertising firm Cairo
Communication have made non-binding offers.
"At the moment, the deadline remains Nov. 19, but 3 has
asked for a postponement to Nov. 30 and the request will
probably be accepted," the second source said.
The sources said Clessidra and Hutchison are seen as
frontrunners in the sale, as both aim to buy the entire group.
Telecom Italia was not immediately reachable for a comment.
Clessidra values Telecom Italia Media at 330-380 million
euros, including debt, a source has said.
MF has reported that Hutchison is set to offer 300 million
(Reporting By Danilo Masoni, Massimo Gaia and Claudia