Ferruzzi ups TV stake

MILAN — The debt-strapped Ferruzzi Finanziaria SpA group has taken over complete control of Italian TV station Telemontecarlo, the company said Tuesday.

Ferruzzi said it bought out Telemontecarlo’s minority shareholder, the Brazilian group Rede Globo, but did not say how much it paid for the stake.

Telemontecarlo is now 100% owned by Ferruzzi, but the station is not seen as a core concern for the group, which is buckling under massive debts and it is expected to be sold off shortly.

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