The board of Telecom Italia (TIM) has given the go-ahead to the creation of a broadcasting joint venture with Vivendi’s pay-TV channel Canal Plus. The main aim of the joint venture is to design and implement the premium video content offer that TIM will offer its customers to speed up the development of fibre connectivity, said the operator in a statement. TIM’s leading shareholder Vivendi has frequently stated that it intends to use its stake to create a southern European media empire and the move is “an important step forward in the strategy of convergence between telecommunications and media”, said TIM’s new CEO Amos Genish.
TIM will have a 60 percent stake in the new company and Canal Plus 40 percent, with the five-member board having three members appointed by TIM and two by Canal Plus. The CEO will be chosen from among the TIM-appointed directors, who will have a professional profile in line with the initiative, said the company.
Recent reports have suggested Mediaset may be invited to become the third partner in the joint venture as part of a possible agreement to resolve the legal impasse between Vivendi and the Italian broadcaster.
