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.

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