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Telecom Italia Media SpA Signs Agreement With Viacom Inc For The Sale Of MTV Italia

Thursday, 4 Jul 2013 02:44am EDT 

Telecom Italia Media SpA announced that it signed an agreement with Viacom International Media Networks (VIMN), a division of Viacom Inc., for the sale of the 51% stake of MTV Italia to Viacom. Under the agreement, Telecom Italia Media shall receive a consideration of EUR 10 million, that will be adjusted on working capital changes upon closing. As part of the transaction, Telecom Italia Media committed itself -at closing date - to waive its financial receivables due at signing from MTV Italia, approximately EUR 9.7 million euro. The closing of the operation, subjected to the receipt of the necessary authorization in accordance with the law and applicable regulation, is expected by the end of September 2013. 

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27 Feb 2015