Billionaire Diego Della Valle Expresses Interest in Telecom Italia Media’s La7

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Leather goods billionaire Diego Della Valle has announced that he is interested in acquiring Telecom Italia Media’s La7, Italy’s smallest national broadcaster. The proposal comes after the bidding deadline, however La7’s parent company is reportedly still evaluating the option.

According to The Hollywood Reporter, Della Valle, President and CEO of luxury Italian leather goods company Tod’s, is interested in acquiring control of La7, the “smallest of Italy’s seven national broadcasters.” There are two other bidders for La7, including Cairo Communications and Clessindra, however, Delle Valle said on Monday, “My idea is to put together a group of shareholders that love our country and want to support an important means of information, guaranteeing its total autonomy,” according to Bloomberg.

According to The Financial Times, La7 is Italy’s one national television channel not owned by former Prime Minister Silvio Berlusconi or state broadcaster RAI.

It remains unclear whether Della Valle’s interest has been made a formal bid or even if this bid would be accepted by Telecom Italia Media since it is past the original deadline. Telecom Italia did, however, release a statement early this week saying it will look into the proposal further and “determine whether to reopen the bidding,” reports The Hollywood Reporter.

A final decision on who will take control of La7 is expected by the end of February.

In addition to his role as the president and CEO of Tod’s, Della Valle sits on the board of a number of companies, such as Ferrari, Maserati, Banca Nazionale del Lavoro and LVMH.

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