“IT'S DONE. TELECOM SELLS THE 7” TO CAIRO
GAD LERNER'S ANNOUNCEMENT VIA TWITTER
Gad Lerner he couldn't resist the temptation to get the scoop. At 15 pm, before the conclusion of the Telecom Italia Media board meeting (+1,41% at that moment), the presenter of “L'infedele” tweeted: “It's done. Telecom sells La7 to Urbano Cairo” . The title Cairo communications marks -0,08%.
Barring denials the troubled negotiation started last summer has finally come to an end and came alive on December 6 last year. The last minute attempt was useless Hourglass: last week the private equity fund raised its offer for multiplexes by around fifty million to a ceiling of 200 million. Too little for Telecom Italia, stuck on the evaluation of the advisor Citigroup (between 300 and 400 million). It is not excluded that digital multiplexes could be expropriated in the future to auction frequencies, as happened with the tender for Lte and as will happen shortly with two other muxes, initially intended for a beauty contest. But in that case, according to the assessment of Telecom's top management, the government will have to pay TiMedia at least the 350 million invested by the company in the frequencies and infrastructure of digital platforms. In short, much more than what Clessidra offers.
Cairo had such an easy game, even though it had lost the exclusive on the fate of La 7. During the day, on the occasion of the conference call on the data of Telecom Italy Media, we will have the details of a complicated and costly agreement for Telecom, which in any case has the satisfaction of having freed itself from a considerable source of losses. The president of Torino, on the other hand, takes on a demanding challenge despite the benefits guaranteed by the agreement: 7 srl is delivered to Cairo cleared of 63 million of intra-group debts plus a capital increase by the seller of 95 million. In the last few hours two other hurdles should have been overcome: the advertising that Telecom Italia will still guarantee to the broadcaster and the discount on the rental of the multiplexes requested by Cairo. Finally, it will be interesting to understand if the entrepreneur from Alessandria has managed to cancel or reduce the lock-up clause which requires him to hold 7 for at least 18 months, under penalty of a hefty penalty. Cairo, which has no intention of leaving the television it has just bought, does not intend to deprive itself of a way out in the event that the recovery of the network proves to be too onerous for the forces of self made man, the only Italian publisher in growth in a moment of heavy lent for the big names in the sector-
