Telecom shares jump on sales speculation

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ROME -- Shares in Telecom Italia Media jumped 5% in unusually heavy trading Monday as interest in the company that owns the La 7 network and MTV-Italia surged on speculation that it might be sold off by Spain's Telefonica, which over the weekend acquired control of the Italian broadcaster's parent company, Telecom Italia.

With the market closed Tuesday for the May 1 holiday, overall trading was light and lackluster, with the spike in Telecom Italia Media shares the highlight of the trading day.

Telefonica is the lead partner in a group that paid €4.1 billion ($5.6 billion) for control of the former Italian state telecommunications monopoly.

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