Della Valle Bids for Telecom Italia’s La7 Television Channel

Tod’s SpA Chairman Diego Della Valle said he has made an offer for Telecom Italia SpA’s La7 to preserve the television channel’s independence.

“My idea is to put together a group of shareholders that love our country and want to support an important means of information, guaranteeing its total autonomy,” Della Valle said in a statement late yesterday. He also said he is open to having some of La7’s employees participate as shareholders.

Italy’s biggest phone company is selling its media assets to focus on its main business and help cut debt. Telecom Italia’s board is scheduled to meet Monday to consider bids for its Telecom Italia Media unit, which owns the La7 channel.

Newspaper La Repubblica reported yesterday that private equity fund Clessidra SGR SpA and Cairo Communication SpA have put in bids for the media assets.

Before it's here, it's on the Bloomberg Terminal.