Telecom Italia (TIM) has responded to requests from market regulator Consob by announcing fresh negotiations over a broadcasting joint venture with Vivendi’s pay-TV unit Canal Plus. Following a meeting of the company’s board of directors, TIM said it would immediately restart talks after receiving a letter from stock market regulator Consob and criticism from its auditors and independent directors in the wake of the content deal reached with Canal Plus in October. “Regulations governing related-party transactions of greater importance will now be applied to the project,” said the company, which is de facto controlled by Vivendi according to Consob.
In its statement, TIM added that a special committee made up of independent directors would be involved in the new negotiations and that it was looking for “a rapid conclusion” to the process.
A recent report suggested Mediaset may be invited to become the third partner in the joint venture to help resolve the legal impasse between Vivendi and the Italian broadcaster.
