MILAN Telecom Italia Media's TCM.MI talks to sell its La7 TV channel to the Cairo publishing house are progressing well but the deal will not be signed on Wednesday, two sources close to the matter told Reuters.
"The transaction will be finalised shortly," one of them. "Not all work has been done and the deal will not be inked today".
Telecom Italia Media's board was meeting on Wednesday with some newspapers saying the encounter could give the final approval to the deal.
Shares in Telecom Italia Media, which is controlled by phone group Telecom Italia (TLIT.MI), were rose sharply on Wednesday. By 1459 GMT, the stock was up 3 percent at 0.169 euros.
(Reporting By Claudia Cristoferi, editing by Jennifer Clark)