Murdoch-led group buys pay-per-view TV firm

An Italian pay-per-view television business is to be sold to a group of investors headed by Rupert Murdoch’s News Corporation for €1bn (£646m), it was announced.

Mr Murdoch, chairman and chief executive of News Corporation, signed the agreement today to acquire Telepiu from the global media company Vivendi Universal.

News Corporation said in a statement: ‘‘The total consideration to be paid for Telepiu is €1bn of which €450m (£290m) will be payable in cash on completion of the deal.

‘‘In addition, approximately €400m (£258m) will be reimbursed (to News Corporation) for certain future Italian Serie A soccer broadcast rights, and a further €100m (£64m) will be paid when the sale of two terrestrial licences (by Vivendi) is completed.’’

The statement added that the deal was subject to a number of conditions, including the completion of regulatory approvals and the agreement of other parties.