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Telecom Italia Media SpA Completes Sale of MTV Italia Srl to Viacom Inc

Thursday, 12 Sep 2013 03:08am EDT 

Telecom Italia Media SpA announced that the sale of the 51% stake of MTV Italia Srl to Viacom Inc has been completed, for a consideration of approximately EUR 13.4 million that includes the adjustment made on working capital changes. As part of the operation, Telecom Italia Media committed itself to waive its financial receivables due at signing from MTV Italia, amounting to EUR 9.3 million. Telecom Italia Media and Viacom express appreciation for this agreement which underline for Viacom, a former partner of MTV Italia, the importance of the Italian market in the global media landscape. VIMN assumes full editorial and operational control of all MTV Italy properties, including MTV and MTV Music channels, both of which are on the DTT platform (channel 8 and 67 on remote control) and MTV Classic and MTV HITS on Pay TV platform Sky; and MTV Pubblicita, MTV Italy‚Äôs internal ad sales agency. 

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