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News Corp. came to terms with its European rival Vivendi Universal, agreeing to a preliminary deal to buy the French/Hollywood media giant's Italian pay-TV operation for nearly one billion euros ($946 million).

News Corp. Chairman Rupert Murdoch reportedly signed a "memorandum of understanding" concerning the Italian deal with Vivendi executives at his London residence on Saturday. The agreement also includes a reimbursement to Vivendi of 500 million euros for sports rights and the sale of licenses. The combined 1.5 billion euros includes 750 million of debt and the rest in cash, Vivendi said.

Reports said News Corp. will merge Vivendi's Telepiu with its smaller Italian pay-TV operator Stream.

From SkyReport (Used with Permission)
 
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