Italy’s stream blames sports for flow of red

TV platform loses $280 mil in first nine months of 2001

MILAN — Italy’s cash-strapped pay TV platform Stream, controlled by Telecom Italia and Rupert Murdoch’s News Corp., lost 317 million euros ($280 million) in the first nine months of the year.

The telco giant, which owns a 50% stake in Stream, said Wednesday that the loss was caused by the high cost of sports rights, adding that from January to September revenues more than doubled to $155 million.

In 2000, Stream lost $354 million and analysts expect it to lose over $400 million this year.

Stream and dominant pay TV operator Telepiu, a debt-ridden platform belonging to Vivendi Universal’s Canal Plus, are still in merger talks.

News Corp. and Vivendi-U consider the merger the only way to launch a financially sound platform. Telecom Italia expects to finalize a deal to sell its stake in Stream and exit the pay TV industry.

However, the merger may be at risk. On Tuesday, Italy’s antitrust authorities decided to postpone a decision on the merger until mid-December.

The union would create a single national pay TV operator, 75% controlled by Canal Plus, 25% by News Corp.

More TV

  • THE EXPANSE -- "Intransigence" Episode 309

    'The Expanse' Moves to Amazon for Season 4

    MILAN — Italy’s cash-strapped pay TV platform Stream, controlled by Telecom Italia and Rupert Murdoch’s News Corp., lost 317 million euros ($280 million) in the first nine months of the year. The telco giant, which owns a 50% stake in Stream, said Wednesday that the loss was caused by the high cost of sports rights, […]

  • Arrested Development Season 5 review

    TV Review: 'Arrested Development' Season 5 on Netflix

    MILAN — Italy’s cash-strapped pay TV platform Stream, controlled by Telecom Italia and Rupert Murdoch’s News Corp., lost 317 million euros ($280 million) in the first nine months of the year. The telco giant, which owns a 50% stake in Stream, said Wednesday that the loss was caused by the high cost of sports rights, […]

  • Showtime Executive, Gary Garfinkle.Photo: Cliff Lipson/CBS©2012

    Gary Garfinkel, Co-Head of Content Acquisitions at Showtime, Dies at 55

    MILAN — Italy’s cash-strapped pay TV platform Stream, controlled by Telecom Italia and Rupert Murdoch’s News Corp., lost 317 million euros ($280 million) in the first nine months of the year. The telco giant, which owns a 50% stake in Stream, said Wednesday that the loss was caused by the high cost of sports rights, […]

  • Ted Danson Remote Controlled Podcast

    Remote Controlled: 'The Good Place' Star Ted Danson on His 'Delicious' Role

    MILAN — Italy’s cash-strapped pay TV platform Stream, controlled by Telecom Italia and Rupert Murdoch’s News Corp., lost 317 million euros ($280 million) in the first nine months of the year. The telco giant, which owns a 50% stake in Stream, said Wednesday that the loss was caused by the high cost of sports rights, […]

  • Mick Betancourt Joins Syfy's 'Deadly Class'

    Mick Betancourt Joins Syfy's 'Deadly Class' in Showrunner Switch

    MILAN — Italy’s cash-strapped pay TV platform Stream, controlled by Telecom Italia and Rupert Murdoch’s News Corp., lost 317 million euros ($280 million) in the first nine months of the year. The telco giant, which owns a 50% stake in Stream, said Wednesday that the loss was caused by the high cost of sports rights, […]

More From Our Brands

Access exclusive content