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News Corp purchases Telecom Italia's equity.(Italy)(Brief Article)

European Telecom, November, 2004

News Corporation of Rupert Murdoch has purchased 19.9 percent equity of Telecom Italia's in Ski Italia. News Corp. now completely controls the Italian company, which is a pay-television provider.

The company spent nearly $164.7 million to buy the stake, which Telecom Italia sold to pay part of its debt. Telecom Italia has been selling its assets for the past few years in an effort to pay off its debts.

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