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Diego Della Valle Loses Out in TV Bid

Entrepreneur Urbano Cairo has succeeded in taking over Italian TV channel La7.

MILAN — Entrepreneur Urbano Cairo has succeeded in taking over Italian TV channel La7, trumping Diego Della Valle’s offer last week. Tod’s chairman and ceo had joined forces with Claudio Sposito’s private equity firm Clessidra SGR SpA to bid for La7, but owner Telecom Italia said Monday it had accepted the offer submitted by Cairo, who controls a publishing and communication group. 

Della Valle, who counts stakes in activities ranging from the new high-speed train service NTV to Bialetti coffee makers and motorcycle firm Piaggio, had expressed interest in La7 in an effort to “try and build a new media model” and “develop with even more determination a television pole in line with the principles of safeguarding independent information.”