Italian private equity firm Clessidra is said to be looking at buying Telecom Italia's television division, according to local news sources.
Shares in the media division went up by 22 per cent yesterday amid reports of interest from multiple buyers including Discovery Communications, Cairo Communications, Hutchison Whampoa and News Corp’s Sky Italia. Telecom Italia, which owns a 78 per cent stake in the business, put it up for sale in May as part of its strategy to sell non-core assets.
The telecoms company is looking to reduce its €30.4bn debt burden. Buyers have until 24 September to submit non-binding offers.
Former Italian prime minister Silvio Berlusconi's group Mediaset expressed an interest in tabling a bid in June but decided against it a few weeks later.