Cecchi Gori's TMC ownership challenged.(Tele-Monte Carlo, Telecom Italia S.p.A.)(Brief Article)

Screen Digest, July, 2001

Cecchi Gori's ownership of majority stake in TeleMonteCarlo (TMC) has been questioned by partner Telecom Italia. Challenge comes shortly after Italy's highest appeals court approved Telecom Italia's investment in TCM. Court thus overruled country's media watchdog, which had vetoed deal in January on telco-media cross-ownership restriction grounds (see 2001/37b4). Cecchi Gori (Italy; 39/06 397 2862; www.cecchigori.com) is said to have failed to pay its portion of cash infusion for re-launch of TMC, set for 24 June 2001 under new name La Sette. Cecchi Gori did not pay L 125bn ($55.5bn) portion of L 421bn ($187m) rescue package, resulting in Cecchi Gori's 75 per cent stake reverting to its partner, Telecom Italia's multi-media unit Seat, which paid the outstanding amount...

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