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Telecom Italia Media SpA and Cairo Communication SpA Update on La7 Transaction


Friday, 25 Oct 2013 02:20pm EDT 

Telecom Italia Media SpA and Cairo Communication SpA announced that they completed on October 25, 2013 the procedure for the review of La7's financial statements as at the date of completion of the transfer of the latter to the Cairo Communication Group. As a result of such review, as the net equity recorded at such date was higher than the value provided in the agreement, Telecom Italia Media and Cairo Communication agreed that the Cairo Communication Group will pay to Telecom Italia Media a price adjustment of EUR 4.8 million. 

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