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03/04/2003
Sky Italia receive EC approval
The European Commission have approved the merger of Italian pay-TV companies Telepiu and Stream, opening the door for the creation of Rupert Murdoch's planned single pay-TV platform, Sky Italia.
The antitrust authority's approval comes after a two-and-a-half year legal struggle led by News Corp's own Italian pay-TV company, Stream, and Vivendi Universal's Telepiu.
The deal was sealed last October, when News Corp agreed to buy Telepiu from Vivendi Universal through a cash-and-debt agreement worth €893 million.
In a statement, Tom Mockridge, the chief executive of Stream and chief executive designate of Sky Italia, said: "We welcome this decision which represents a major step forward in the merger between Telepiu and Stream. This decision creates the conditions to launch the new pay-TV platform in Italy."
(GB)
The antitrust authority's approval comes after a two-and-a-half year legal struggle led by News Corp's own Italian pay-TV company, Stream, and Vivendi Universal's Telepiu.
The deal was sealed last October, when News Corp agreed to buy Telepiu from Vivendi Universal through a cash-and-debt agreement worth €893 million.
In a statement, Tom Mockridge, the chief executive of Stream and chief executive designate of Sky Italia, said: "We welcome this decision which represents a major step forward in the merger between Telepiu and Stream. This decision creates the conditions to launch the new pay-TV platform in Italy."
(GB)
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