Telecom Italia acquires Internet activities of its media unit

MILAN - Telecom Italia said Monday it was acquiring the Internet activities of its subsidiary Telecom Italia Media for 950 million euros (1.2 billion dollars).
The acquisition of the Tin.it and Virgilio units of Telecom Italia Media will allow for the concentration of Internet operations in the hands of Telecom Italia while the media division focuses on developing its television business, Telecom Italia said.
The deal will generate an 850-million-euro capital gain for Telecom Italia Media, while at group level the gain is estimated at 900 million.
Telecom Italia Media is 62 percent owned by Telecom Italia.

04/04/2005 10:56 GMT