Telecom Italia Media and Viacom International Media Networks (VIMN), announce that the sale of the 51% stake of MTV Italia S.r.l. to Viacom has been completed, for a consideration of approximately 13.4 million euro that includes the adjustment made on working capital changes.
As part of the operation, Telecom Italia Media committed itself to waive its financial receivables due at signing from MTV Italia, amounting to 9.3 million euro.
Telecom Italia Media and Viacom express appreciation for this agreement which underline for Viacom, a former partner of MTV Italia, the importance of the Italian market in the global media landscape.
VIMN assumes full editorial and operational control of all MTV Italy properties, including MTV and MTV Music channels, both of which are on the DTT platform (channel 8 and 67 on remote control) and MTV Classic and MTV HITS on Pay TV platform Sky; www.mtv.it and MTV Pubblicità, MTV Italy’s internal ad sales agency.
Rome, 12 September 2013