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RCS MediaGroup Selling Assets

The struggling Italian publishing giant has entered negotiations with The Blackstone Group International Partners LLP to sell its Via San Marco offices.

MOVING OUT: RCS MediaGroup, the struggling Italian publishing giant which prints the daily Corriere della Sera, has entered exclusive negotiations with global investment and financial advisory firm The Blackstone Group International Partners LLP to sell its Via San Marco offices here.

RCS also revealed that it had transferred 54.6 percent of its shares in digital services provider Dada S.p.A. to Oracom TMT Investments S.àr.l, through Libero Acquisition S.àr.l. Libero Acquisition is now expected to make an offer for the remaining shares, which are each estimated to be worth 3.329 euros, or $4.459 at current exchange rates, and if the deal goes through, RCS stands to gain 58 million euros, or about $77.6 million.

RCS made headlines in Italy this year for its financial struggles and employee layoffs. Shareholders include Tod’s chief Diego Della Valle, publishing entrepreneur Urbano Cairo and Fiat president John Elkann, among many.

RELATED STORY: Publishing Entrepreneur Urbano Cairo Takes Stake in RCS MediaGroup >>