Telecom Italia Media, the Italian television company, announced last Thursday that it had signed an agreement with Viacom International Media Networks for the sale of 51% of music channel MTV Italia. 

Viacom International Media Networks is a division of Viacom Inc. On the other hand, the broadcasting giant is majority controlled by the telecommunications group Telecom Italia. The price tag for the shareholdings sale is Eur10 million.

The announcement further stated that Telecom Italia Media would be waiving the Eur9.7 million or US$12.58 million in outstanding debt from MTV Italia.

The agreement further stipulats that VIMN would assume full editorial and operational control over all the properties of MTV Italy. These comprise the MTV channel, MTV music, MTV Classic, MTV HITS and MTV Pubblicita. For its part, Telecom Italia Media would continue to focus on its core broadcasting business.