Del Vecchio heir buys 30% of Il Giornale in push for Italian media hub

Reuters12-19 18:48
Del Vecchio heir buys 30% of Il Giornale in push for Italian media hub

MILAN, Dec 19 (Reuters) - LMDV Capital, the investment vehicle of Leonardo Maria Del Vecchio, said on Friday it had agreed to buy a 30% stake in Il Giornale, a right-leaning Italian newspaper controlled by the Angelucci family.

Del Vecchio, one of the heirs to the late founder of eyewear giant EssilorLuxottica ESLX.PA Leonardo Del Vecchio, said the deal marked the first step towards creating "an Italian publishing hub".

"This investment, alongside the Angelucci family, represents a concrete step in the direction I outlined in recent months: strengthening Italian publishing with patient, Italian industrial capital", Del Vecchio said.

The statement also said LMDV Capital had recently signed an exclusivity agreement to acquire a majority stake in an Italian media group, though it did not disclose the group's name.

Earlier this month, Del Vecchio said he had offered 140 million euros ($163.97 million) to buy the GEDI group, publisher of the centre-left Italian newspapers la Repubblica and La Stampa, but his offer was rejected.

GEDI, a loss-making company owned by the Agnelli family holding company EXOR EXOR.AS, is in talks with the Greek media company Antenna.

Il Giornale, founded in 1974, was previously controlled by the Berlusconi family.

LMDV Capital has completed a string of acquisitions in recent years ranging from hospitality brands to the beverage industry.

($1 = 0.8538 euros)

(Reporting by Elisa Anzolin, editing by Giselda Vagnoni)

((elisa.anzolin@thomsonreuters.com; 0039 0266129692;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment