Italian entrepreneur makes move for La7 channel

Italian entrepreneur and Diego Della Valle has expressed a serious interest in  La7, the Italian free-to-air station owned by Telecom Italia.

Della Valle, who has publicly expressed his opposition to media baron and politician Silvio Berlusconi, said he wanted to preserve the independence of La7 and his move for the channel should be considered a ‘social commitment’.

The businessman and entrepreneur runs luxury goods business Tod’s.

In a statement he said: “My idea is to regroup as shareholders a number of individuals who love our country and who want to support  an important information vehicle, guaranteeing its total autonomy.”

Della Valle already owns a stake in RCS Mediagroup, the publisher of daily newspaper Corriere della Sera.

La7 is part of Telecom Italia’s Telecom Italia Media division. The telco has put it on the block as it seeks to raise funds to pay down debt. It said it needed time to evaluate the offer and its management will meet today to study offers on the table.

Wire reports said there are already at least two firm offers for TI Media.