Telecom Italia Media said that it has plans of selling its La7 TV channel to the publishing house in Cairo, Egypt and is still in negotiation of signing the deal, according to two people familiar with the issue.
One of the sources revealed that the telecommunication company is finalizing the deal but will not sign the deal as of the moment. It held a meeting with some newspaper businesses but emphasized that approval of such deal is yet to be finalized, the people close to the matter added.
Telecom Italia Media is operated by phone group Telecom Italia. It saw shares rising sharply, with stock increasing by3% at 0.169 euros.
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