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Telecom Italia Media SpA's Telecom Italia Media Broadcasting Signs Non-Binding Term Sheet for Merger Agreement on Digital Multiplexes with Gruppo Editoriale l'Espresso SpA's Network Operator Rete A

Monday, 7 Oct 2013 12:07pm EDT 

Telecom Italia Media SpA announced that non-binding term sheet was signed for the possible merger between the subsidiary Telecom Italia Media Broadcasting (TIMB) and the operations of the network operator Rete A (controlled by Gruppo Editoriale l'Espresso SpA), in view of possible subsequent valorization of the assets also trough industrial synergies. The preliminary term sheet was signed in accordance with the resolution of the Company’s Board of Directors, which met on October 7, 2013 and approved the contents of the document, also authorizing further negotiation activities aimed to define a final agreement to be submitted for the Board's approval in due time. Thanks to the merger of five Muxes with national coverage (of which, three from TIMB and two from Rete A) into a single technological digital platform, the transaction — subject to authorizations pursuant to applicable laws and regulations — would lead to the creation of an Italian independent network operator, under Telecom Italia Media’s control.