TI Media runs in Piazza Affari on the day of the assembly and after the alliance with l'Espresso on the multiplexes. By mid-morning, the company's stock was up 6,38%.
Telecom Italia Media and L'Espresso yesterday signed contracts for the integration of the network operator activities for digital terrestrial television headed by Telecom Italia Media Broadcasting (Timb) and Rete A respectively.
The integration between Timb and Rete A, owners of three and two digital multiplexes respectively, "will give rise to the main independent network operator in Italy, equipped with five digital multiplexes with an infrastructure with national coverage, with a high capillarity and based on technologies last generation". The new group will be able to count on an annual turnover of approximately 100 million euros.
This integration will be achieved through the contribution by the Espresso group of 100% of the shares of Rete A in Timb. Once the contribution has been completed, TI Media and the Espresso Group will hold respectively 70% and 30% of the shares of Timb which will own the entire share capital of Rete A. The investment in All Music will remain the property of the Espresso Group.
Compared to the new Timb, TI Media will have the right to appoint the majority of directors including the managing director while the Espresso Group will indicate the president.
“In consideration of the uncertainty regarding the evolution of the regulations concerning the use of frequencies, TI Media has also reserved an option to purchase the right to use (therefore excluding the infrastructure and customers) of one of the five frequencies which will headed by the combined entity”, reads the press release released yesterday.
The completion of the transaction, which will have to obtain Agcom authorization, is expected by June.
