Losses narrow in Telecom Italia Q2
EmptyROME -- Telecom Italia Media, owner of the only national television network in Italy not owned by state broadcaster RAI or Silvio Berlusconi's Mediaset, on Wednesday reported a second-quarter loss of €51.6 million ($71.2 million), narrower than the €79 million ($109 million) loss in the year-ago period.
The smaller loss came on the back of a 27.8% surge in revenue, which hit €125 million ($172.5 million).
Much of that gain came from revenue from La 7, the company's national network, where income for the quarter was €53.4 million ($73.7 million), 17.4% more than in the comparable period. La 7 was helped by higher ad revenue and acquisition costs that rose just 2.3% compared with the same period in 2006.
Telecom Italia Media's parent company -- former Italian state telephone monopoly Telecom Italia -- was sold to Spain's Telefonica in May, casting the future of the media subsidiary in doubt. Telefonica has said it intends to focus on its core telephone communications business.
In addition to La 7, Telecom Italia Media also owns MTV Italia and La 7 Sport.
The results will become official once approved by the company's board, a move expected within the next several days.
Telecom Italia Media shares were flat Wednesday in heavier-than-average trading, as analysts said the results were in line with expectations.