MILAN Italy's Telecom Italia Media and L'Espresso said on Wednesday they had signed a deal to merge their digital broadcasting activities, creating a company with solid cash flow and annual revenues of 100 million euros.
Under the terms of the agreement, TI Media, a unit of phone company Telecom Italia, will owns 70 percent of the new entity and L'Espresso the remaining 30 percent, they said in a joint statement.
The operation would bring together five national bandwidth assets, also known as multiplexes, and generate significant industrial synergies, they said.
Mediobanca and Intesa Sanpaolo's Banca IMI advised on the deal.
(Reporting by Francesca Landini, editing by Danilo Masoni)