Uncertainty on TIM-Canal JV
February 26, 2018 10.40 Europe/London By Julian Clover
The future of Telecom Italia’s proposed joint-venture with Canal+ is in doubt.
Independent directors at the Italian telco are said to be disputing plans to fund content from the French pay-TV group. One source told Reuters that Mediaset could be brought into the frame as part of a move to settle a separate dispute with Canal (see separate story).
As it stands, approval of the deal will come before the telecom council on March 6, but lawyers for the two parties haven’t met since January 13, with no final agreement being completed.
Il Sol de 24 Ore reports the current proposal would be for Mediaset to invest €760 million in the venture, Telecom Italia Media (TIM) would have then taken video content from Mediaset at €460 million over six years. The final make-up of the company would have given TIM 60 per cent with Canal/Vivendi and Mediaset holding 20 per cent each.
A meeting scheduled for today (Monday) was postponed because of the unavailability of Vivendi’s lawyer, but a court hearing on Tuesday may still go ahead.