UPDATE: Italian Businessman Says He Plans to Make Offer for Telecom Italia's La7 TV Channel

(Adds the timing of the two existing bids for Telecom Italia Media in the fourth paragraph.)

By Manuela Mesco

MILAN--Italian businessman Diego Della Valle said Saturday he presented an expression of interest to the board of Italy's largest telecom company Telecom Italia SpA (TI, TIA, TIT.MI) to buy its broadcasting channel La7.

In a statement, Mr. Della Valle, owner of shoe and apparel maker Tod's SpA (TOD.MI), said he wants to put together a group of investors to make an offer for the television channel controlled by Telecom Italia's broadcasting unit Telecom Italia Media SpA (TIAMY, TME.MI). The unit, which also controls other channels and television frequencies, was put up for sale last year.

Mr. Della Valle said the group of investors, which will include people currently working for La7 among others, would buy the channel to "support an important instrument of information, guaranteeing its total independence," the statement said.

Italian advertising company Cairo Communications SpA (CAI.MI) and private-equity fund Clessidra are bidding for Telecom Italia Media. Both made their bids late last year.

Earlier this month, Telecom Italia Media reported a preliminary gross operating loss of 44.8 million euros ($59.8 million) for 2012, compared with a gross operating profit of EUR27.3 million in 2011. The company's net debt rose to EUR260.1 million at the end of December, up from EUR224.1 million three months earlier.

Write to Manuela Mesco at [e-mail]

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