News Corp and Vivendi grab Italian 'soccer tv' company.
Music Industry News - as it happens
Source: Mi2N - October 4, 2002
News Corporation and Telecom Italia today have signed a "definitive
agreement" with Vivendi Universal and Canal+ Group to buy Italy's Telepiù
which among other things, has various rights to telecast "certain" future
Italian soccer matches.
Worth almost $9.4 million and, "consisting of the assumption of up to €450
million in debt and a cash payment of €470 million for the shares of
Telepiù, the buy - subject to regulatory approval - could be completed by
the end of the calendar year. Under it, Telepiù would combine with Stream,
the Italian pay-TV platform jointly owned by News Corporation and Telecom
Italia, and renamed Sky Italia.
News Corporation would hold an 80.1% equity interest in Sky Italia, and
Telecom Italia would hold a 19.9% equity interest.
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