MILAN — After several failed attempts to find a buyer, Italy’s media tycoon Vittorio Cecchi Gori finally sold the majority of his financially beleaguered TV division to Italian multimedia company Seat-Tin.it, the two parties announced Monday night in Rome.
Seat-Tin.it, controlled by telco giant Telecom Italia, will acquire a 75% stake in Cecchi Gori Communications, the company that owns the two troubled terrestrial TV stations: TMC and TMC2.
The two webs jointly have a 2%-3% national audience share and carry a massive $250 million debt. Analysts believe, however, that substantial investments and better management could transform them into a profitable, successful broadcaster.
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