Telecom Italia names new chairman
ROME -- Telecom Italia named a new chairman Tuesday, the same day U.S. telecom giant AT&T said it was no longer interested in acquiring control of the former state monopoly and Italian media mogul and former Prime Minister Silvio Berlusconi reversed course and said he was interested.
The appointment of Pasquale Pistorio, the former chief executive of Franco-Italian semiconductor manufacturer STMicroelectronics, is just the latest development in the soap opera involving Europe's fourth-largest telecommunications company.
Pistorio replaces Guido Rossi, who stepped down last week to help pave the way for Telecom Italia to be sold to a suitor. Pistorio becomes Telecom Italia's third chairman in eight months.
But news of Pistorio's appointment was overshadowed by the announcement earlier in the day that AT&T -- the most noteworthy suitor for the Rome-based company -- was no longer mulling a bid for the company. And a few hours after that, Silvio Berlusconi, Italy's richest citizen, reversed an earlier statement and said he was now interested in acquiring control of Telecom Italia.
The appointment of Pasquale Pistorio, the former chief executive of Franco-Italian semiconductor manufacturer STMicroelectronics, is just the latest development in the soap opera involving Europe's fourth-largest telecommunications company.
Pistorio replaces Guido Rossi, who stepped down last week to help pave the way for Telecom Italia to be sold to a suitor. Pistorio becomes Telecom Italia's third chairman in eight months.
But news of Pistorio's appointment was overshadowed by the announcement earlier in the day that AT&T -- the most noteworthy suitor for the Rome-based company -- was no longer mulling a bid for the company. And a few hours after that, Silvio Berlusconi, Italy's richest citizen, reversed an earlier statement and said he was now interested in acquiring control of Telecom Italia.
- 4/18/2007
- The Hollywood Reporter - Movie News
Rossi steps down from Telecom Italia
ROME -- Embattled Telecom Italia chief Guido Rossi resigned Friday in a move that could set the stage for the company to be taken over and likely will cast its plan to become an online media player in doubt.
Rossi was appointed last year after a shake-up involving plans to sell off the company's profitable cellular phone business forced then-chairman Marco Tronchetti Provera out the door. Rossi decided against selling the mobile phone unit but vowed to continue with the plan to develop content to distribute over Internet TV.
Over time, leading lights in the company grew less enamored with the plans, and Pirelli -- the tire company headed by Tronchetti Provera that is Telecom Italia's largest shareholder -- said last month that it wanted to sell its shares.
That set the stage for several companies -- including AT&T, Mexican telecom America Movil, France Telecom and Silvio Berlusconi's Mediaset -- to express interest in taking over the former Italian telecommunications monopoly.
Rossi was appointed last year after a shake-up involving plans to sell off the company's profitable cellular phone business forced then-chairman Marco Tronchetti Provera out the door. Rossi decided against selling the mobile phone unit but vowed to continue with the plan to develop content to distribute over Internet TV.
Over time, leading lights in the company grew less enamored with the plans, and Pirelli -- the tire company headed by Tronchetti Provera that is Telecom Italia's largest shareholder -- said last month that it wanted to sell its shares.
That set the stage for several companies -- including AT&T, Mexican telecom America Movil, France Telecom and Silvio Berlusconi's Mediaset -- to express interest in taking over the former Italian telecommunications monopoly.
- 4/7/2007
- The Hollywood Reporter - Movie News
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