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TI set to sell Sky Italia stake.(Telecom Italia S.p.A.,)(Brief Article)

Wireless Satellite and Broadcasting Newsletter, September, 2004

News Corp is poised to take full control of Sky Italia, its Italian pay-TV arm, by buying a 19.9 percent minority stake from Telecom Italia.

Rupert Murdoch, who chaired a meeting of the Sky Italia board last week, is expected to agree to terms with the Italian telecoms company shortly. News Corp is likely to pay about EUR60 million ($73 million) for the stake, according to people familiar with the situation.

The talks, said to be advanced, come as TI is trying to cut its debt from EUR33.2 billion to less than EUR30 billion by the year-end.

The Italian group inherited its stake in Sky Italia after News Corp's EUR893 million take over of Telepiu, Italy's largest satellite TV company, almost two years ago. News Corp subsequently merged Telepiu,...

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