Viacom buys MTV Italia

italy-glowViacom International Media Networks (VIMN) is to acquire 51% of MTV Italia from Telecom Italia Media.

Although the fee quoted for the deal is €10 million, it will be adjusted on working capital changes upon closing, expected to take place at the end of September.

As part of the deal, Telecom Italia Media will on completion waive its financial receivables, valued at around €9.7 million, due at signing from MTV Italia.

The parties have also renewed a multi-year agreement between MTV Italia and TIMB for the supply of broadcasting capacity and services.