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Telecom Italia purchases news agency

Posted on: Wednesday, 18 June 2003, 06:00 CDT

ROME (AP) -- Telecom Italia SpA, Italy's biggest phone company, Wednesday announced it had reached an agreement to acquire ebisnews, a multi-media company owned by e.biscom, a broadband communications company. Ebisnews, founded in 2001,is one of Italy's major news agencies.

Telecom, which already owns the TV channel La7 and MTV-Italia, and operates an internet provider, tin.it, and a portal, virgilio, said the acquisition would serve to expand content for its media sector.

Telecom also owns 19.8 percent of Sky Italia, which is controlled by News Corp.

Ebisnews provides general news coverage of Italy and distributes AP news services in Italian to media and major government and private subscribers under the logo Ap.Biscom.

Telecom said the new media acquisition would be headed by Antonio Calabro, the former editor-in-chief of Italy's leading business daily, Il Sole-24 Ore.

E.biscom, in a joint announcement with Telecom Italia, said it wants to concentrate on its core broadband business, which has been expanding at a rapid rate in major Italian cities.

The agreement requires approval by regulatory authorities and is expected to take effect later this summer.

Last week, Telecom Italia agreed to sell its majority stake in the directories business of its Seat Pagine Gialle affiliate.

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