Italian private equity firm Clessidra has made an offer to acquire Telecom Italia's television business.

Telecom Italia is is looking to reduce its enormous €30.4bn debt burden and is selling non-core assets. It is looking to sell its 78 per cent stake in its media unit, which owns two television channels and broadcast frequencies. 

Buyers had until Monday 24 September to make an offer. So far Clessidra has confirmed it has made an offer for an undisclosed amount, as has London-based investment and advisory group Proto Organization, which has tabled a €150m bid for Telecom Italia Media. 

Other potential buyers including Discovery Communications, Hutchison Whampoa’s Italian unit 3 Italia and Cairo Communication had expressed an interest in the company. It is not clear if they submitted a bid by the deadline.