Telecom Italia Media Narrows Loss for 2010, Predicts Growth Going Forward
The media arm of the former Italian state telephone monopoly sees 10 percent growth.
ROME – Telecom Italia Media, the media arm of the former Italian state telephone monopoly and the owner of the smallest of the country’s seven national broadcasters, reported in its full-year financial statement that its loss for 2010 narrowed by 25% and it predicted a 10% growth rate going forward.The companies, which owns the La 7 network as well as MTV-Italia, said it lost €54.4 million ($72.9 million) last year, compared to €72.5 million ($97.2 million) in red ink in 2009. The company predicted it will average 10% annual growth in 2011, 2012, and 2013, although it warned that the growth rate for this year could come in below that level after its sale of a minority stake in Dahlia TV. With La 7, Telecom Italia Media runs the only national network that is not controlled by either state broadcaster RAI or Silvio Berlusconi’s Mediaset, which control three networks each.
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