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Cecchi Gori to sell TMC

Seat PG purchasing Italo channels for $334.3 mil

MILAN –Seat-Pagine Gialle has reached a basic agreement under which it will buy about a 60% stake in the Italian television channels TMC and TMC2 from the Cecchi Gori Group for more than 700 billion lire ($334.3 million).

Deal, to be signed as soon as today, values the channels at $573.1 million including debt.

Seat PG will form an umbrella company for the channels, which are controlled by the Cecchi Gori Group unit Finmavi.

Seat PG is going to merge with Telecom Italia’s Internet unit Tin.it, and the acquisition forms part of the development strategy of the merged company.

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