Italy’s La7 sold to soccer owner
March 5, 2013
From Branislav Pekic in Rome
According to a statement by Telecom Italia’s media arm, Cairo’s media and advertising group Cairo Communications shelled out €1 million for the broadcaster. Cairo said he would recapitalise the loss-making channel to give it a “net financial position no less than €88 million”, while net assets would be boosted to €138 million. For its part, Telecom Italia said it was waiving €100 million of financial credits.
La7 is widely considered as one of the last independent broadcasters with a national reach and Cairo has pledged that the editorial line would not change.
Telecom Italia announced it intended to sell La7 as part of a debt-trimming operation last May.