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TELECOM ITALIA TO HOLD 19.9% OF STREAM/TELEPIU VENTURE.

Tech Europe, October, 2002

Telecom Italia will hold 19.9% of the capital of the new Italian pay-TV company born out of the alliance between Telepiu (Tele ) and Stream, according to a communique issued by the Italian telecommunications group. Australian magnate Rupert Murdoch's News Corporation announced on October 1 that it was buying the Italian subsidiary of Canal , Telepiu, from French media group Vivendi Universal (VU).

The pay television chain will be merged with Stream, which is 50/50 owned by News Corp. and Telecom Italia, to produce Sky Italia. According to Telecom Italia's statement, News Corp. will hold 80.1% of the share capital of this set-up and the telecommunications group will own the rest.

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