Telecom Italia Media runs on the Stock Exchange, as always very sensitive to rumors relating to its possible sale. Today some newspapers talk about first exploratory contacts of the advisors Mediobanca and Citigroup with potential buyersbetween industrial groups and private equity funds. At around 10,30, the stock rose by 12% to 0,157 euro with volumes above the average in a much less exuberant market (-0,3% for Allshare, -0,3% for the European Stoxx of the media).
One analyst points out the “speculative appeal” on the stock linked to possible changes in the shareholding structure and calculates a premium of around 30% in the event of an M&A operation, which in any case “shouldn't bring the price much beyond current market values”. Based on the fundamentals, he adds, it should be considered that the good performance of advertising is counterbalanced by the higher costs necessary to support the audience.
In May the parent company Telecom has decided to start the process of divestment of the assets in the media sector, explaining that he wants to keep all options open, the wholesale sale of Ti Media or the sale of assets. To this end TI Media has decided to emphasize the separation between the television activities and the infrastructure assets. The objective declared by the telephone group is to close the operation within the year.
Il Sole, which underlines how the sales perimeter is still uncertain, today relaunches the names of Espresso and Sky, as well as private equity firms, among the possible suitors. Mf is back on Cairo, on foreign TV channels Al Jazeera (Qatar), Cctv (China), Rtl (Germany) and on Feltrinelli.
