Telecom Italia Media has contributed a total of €17.4 million towards a €51.4m refinancing of the Dahlia TV pay platform.
The former La7 Cartapiù launched in March 2009 after the business the Swedish Airplus group purchased control from Telecom Italia. €3 million of the investment is as an ordinary shareholder with the balance through the subscription of a hybrid financial instrument made up of preferred shares, convertible and redeemable with limited voting rights. TI Media receives an annual €30 million in broadcasting capacity fees.
A €30 million refinancing package has also been secured from UniCredit Corporate Banking. Earlier this month Filmmaster Television joined the two original investors in the company.
Dahlia TV competes with rival Mediaset Premium with a mix of premium football, documentary and erotic content.