Telepiu, the cash-haemorrhaging Italian pay-television business of Vivendi Universal, has been sold to Rupert Murdoch’s News Corporation in a €1.5 billion ($1.42bn; £0.969bn) deal that hands Murdoch control of the Italian pay-TV market and eases Vivendi’s massive debt burden.
Integral to the deal, is the agreement between both parties to drop their $1 billion litigation over a separate matter – the allegation that a NewsCorp subsidiary had abetted piracy of the TV signal of Vivendi's pay-TV unit, Canal Plus.
The sale is also conditional on regulatory approval of Telepiu's merger with with NewsCorp-owned rival Stream. As it is on the thumbs-up from Telepiu’s co-owner Telecom Italia and the involvement of other investors in the combined TV operation.
Data sourced from multiple publications; additional content by WARC staff