The joint venture will aim to create a new premium video service and content creation unit for the Italian market.
According to TIM, the JV with Canal+ will focus on productions and coproductions, both Italian and international, and on the acquisition of rights, including sports rights.
TIM said that the planned JV would give it access to the experience and content of Canal+, one of the most important production and rights companies in the world.
TIM updated its rules on agreements with related parties to take account of the ruling by Italian markets regulator CONSOB that Vivendi exercises effective control of it, giving the JV plan the status of a transaction with a related party.
The pan was approved by a majority vote of the TIM board, which separately unanimously voted for Genish to joint the board and appointed him CEOr.
Genish was previously CEO of Telefonica Brasil/Vivo before becoming chief convergence officer at Vivendi earlier this year.
“We have a clear long-term vision: to return TIM to its rightful splendour, making a crucial contribution to the digitalisation of the country, the creation of Digital Italy, through investment and people,” said executive chairman Arnaud de Puyfontaine (pictured), who is also CEO of Vivendi.
“TIM must have a constructive collaboration with the institutions and regulators: creating value for TIM means creating value for the country.”
De Puyfontaine is handing over his responsibility for brand strategy and media to Genish as part of the management change.
He will, however, retain responsibility for identifying guidelines for the development of the group in collaboration with Genish, supervising organisational arrangements and representing the group in its external relations.
“It is a privilege and an honour to have been appointed CEO of TIM, a company that has a great history and a bright future ahead of it,” said Genish.