Telecom Italia (TIM) will press ahead with the sale of its stake in broadcasting unit Persidera while considering broader strategic options for the group's various subsidiaries. In a statement on six-month results, Italy's biggest phone group, whose largest shareholder is French media group Vivendi , said it had examined the financial implications of taking part in 5G auctions Italy is launching later this year.
"The group has started an evaluation process of the strategic options relating to its subsidiaries," it said. Besides Persidera, it did not mention specific subsidiaries but TIM Chief Executive Amos Genish has said in the past submarine network unit Sparkle is not core. TIM said its earnings before interest, tax, depreciation and amortisation (EBITDA) in the first six months fell 4.8 percent to 3.92 billion euros ($4.6 billion) while sales fell 2.7 percent to 9.51 billion euros.
Both results were in line with an analyst consensus provided by the company. In May Genish said towers unit INWIT remained strategic while its business in Brazil was not for sale. Activist fund Elliott wrestled TIM board control from Vivendi in May after a two-month campaign to shake up the way the French group has been running the former telecoms monopoly.