Italian advertising group Cairo Communications has presented an offer for broadcaster Telecom Italia Media, two sources close to the matter said on Monday. "Cairo has presented an offer by itself," one of the sources said.Cairo was not available for comment.Italy's biggest telecoms group Telecom Italia put TI Media up for sale in May to help reduce its 30 billion euros of net debt, following a dividend cut earlier this year.Other offers for the broadcaster have come from private equity Clessidra, Hutchison Whampoa unit H3G and U.S. entertainment company Discovery Communications.
Discovery Communications, Inc. (Discovery) is a global nonfiction media and entertainment company that provide programming across multiple distribution platforms worldwide. Shares of DISCA traded higher by 0.84% or $0.51/share to $61.25. In the past year, the shares have traded as low as $38.86 and as high as $61.56. On average, 1304670 shares of DISCA exchange hands on a given day and today's volume is recorded at 284972.
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