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Telecom Italia Media and Gruppo Editoriale L’Espresso sign agreements to merge the respective network operator businesses for digital terrestrial television

Wednesday, 9 Apr 2014 12:40pm EDT 

Telecom Italia Media SpA:Says Telecom Italia Media (TIMedia) and Gruppo Editoriale L’Espresso SpA signed agreements to merge the network operator businesses for DTTV controlled by Telecom Italia Media Broadcasting Srl (TIMB) and Rete A SpA, respectively.Says the merger between TIMB and Rete A, who own three and two digital multiplexes respectively, will give rise to an independent network operator in Italy featuring a nationwide high-coverage infrastructure of five digital multiplexes.Says the new group will be able to rely on an annual turnover of about 100 million euros, a positive income result and healthy cash generation.Says the merger will be carried out through Gruppo L’Espresso's contribution of 100 pct of Rete A shares to TIMB.On completion of the transfer, TIMedia and Gruppo L’Espresso will each hold 70 pct and 30 pct of shares in TIMB which will control Rete A’s entire capital.Says Gruppo L’Espresso will continue to own the equity investment in All Music SpA.With regards to the new TIMB, TIMedia will be entitled to appoint the majority of Directors including the CEO, whilst Gruppo L’Espresso will appoint the company’s Chairman.The transaction is expected to be finalized by June, subject to AGCOM authorization being obtained.Mediobanca and Banca IMI were the financial advisors of TIMedia and Gruppo L’Espresso, respectively. 

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22 Oct 2014