Italy’s La7 sold to soccer owner
March 5, 2013
From Branislav Pekic in Rome
Italy’s commercial TV channel La7 has been sold by Telecom Italia Media to media businessman and the owner of Torino Football Club, Urbano Cairo.
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.