Telecom Italia Media has announced that general manager Marco Ghigliani will leave the company with immediate effect to cover another important assignment outside of the company.

Telecom Italia Media SpA announced unaudited consolidated separate earnings results for the first quarter of 2013. For the quarter, the company reported revenues of EUR 24,514,000 against EUR 27,640,000 a year ago. Total operating revenues and other income was EUR 25,783,000 against EUR 28,367,000 a year ago. Operating result before depreciation and amortization - EBITDA was EUR 5,169,000 against EUR 8,435,000 a year ago. Operating loss – LBIT was EUR 3,401,000 against operating profit of EUR 1,019,000 a year ago. Loss before tax from continuing operations was EUR 4,382,000 against EUR 445,000 a year ago. Loss from continuing operations was EUR 3,904,000 or EUR 0.0027 basic per share against EUR 734,000 or EUR 0.0005 basic per share a year ago. Loss for the period attributable to owners of the parent was EUR 123,847,000 or EUR 0.0868 basic per share against EUR 15,650,000 or EUR 0.0115 basic per share a year ago. Cash flows from operating activities were EUR 1,237,000 against cash flows used in operating activities of EUR 1,938,000 a year ago. Purchase of intangible assets on an accrual basis was EUR 1,692,000 against EUR 608,000 a year ago. Purchase of tangible assets on an accrual basis was EUR 1,518,000 against EUR 819,000 a year ago.

Telecom Italia Media SpA (BIT:TME) is considering a sale of an initial 30% stake in a new company to state lender Cassa Depositi e Prestiti S.p.A. (CDP), reported Bloomberg citing two people familiar with the matter. The people said, asking not to be identified because the discussions are preliminary and no agreement has been reached, that Telecom Italia may let CDP increase its holding over time. One of the people said that Telecom Italia may transfer as much as €10 billion ($13 billion) in debt to the new company, which will own its fixed-line network, and CDP may invest about €2 billion initially. Another person added that Telecom Italia could also consider an initial public offering of the division in the future. People said that putting the spinoff plan into motion before a potential combination with Hutchison could shorten the regulatory review if and when a deal is reached. Telecom Italia rose as much as 2.2% to €0.59 in Milan and rose as much as 3.8% to $7.65 in United States trading. A representative at Telecom Italia didn’t have a comment when reached by Bloomberg News. A CDP spokesman declined to comment.