MILAN, March 4 (Reuters) – Telecom Italia Media said on Monday it would pump money into its cash-burning La7 channel before offloading it to media firm Cairo Communication for a token price.
- Telecom Italia waives 100 million euros in receivables
- Deal underscores hard times for Italy’s media industry
- Broadcasting sector faces prospects of regulatory overhaul
- Telecom Italia Media shares down 6.4 percent
The Italian broadcaster, controlled by telecoms group Telecom Italia, has agreed to sell its flagship network for 1 million euros in a deal that underscores the difficulties of Italy’s media industry.