(Alliance News) - Netweek Spa announced Thursday that it had signed a contract to acquire 100 percent of Telecity 2 Srl, a company into which the television and publishing activities of the Telecity group, a leader in Lombardy, Piedmont, Liguria and Valle d'Aosta, had been contributed.

The price paid for 100 percent of Telecity 2 is EUR6 million and includes -- among others -- the television activities of the four regional broadcasters, the Assago office and about 40 employees.

Netweek acquired 16.66 percent of Telecity 2 in this first phase, appointing Simone Baronio as CEO and Marco Sciscione and Giovanni Sciscione as chairman and director, respectively.

Netweek on Thursday closed 1.5 percent in the red at EUR0.05 per share.

By Claudia Cavaliere, Alliance News reporter

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