Telecom Italia has confirmed its board of directors has decided to start the sale process for its media unit.
Announcing its financial results for the first quarter of 2012, the company said it would divest its 77% stake in loss-making Telecom Italia…
Telecom Italia has confirmed its board of directors has decided to start the sale process for its media unit.
Announcing its financial results for the first quarter of 2012, the company said it would divest its 77% stake in loss-making Telecom Italia Media (TI Media) to focus on core activities and reduce debt.
The group reported €7.39bn (US$9.57bn) in revenue for the first quarter – up 4.5% from the same period last year. But TI Media, which includes TV network-related operations, posted a net loss of €15.7m (US$20.3m) for the first quarter.
Telecom Italia CEO Franco Bernabe also said the group is on track to reaching its targeted net debt figure of €27.5bn (US$35.6bn) by the end of the year.
Last month, Telecom Italia said it was considering several options for reducing net debt, minimising the likelihood of having to make additional dividend cuts and boosting its fibre-optic network.
