MILAN, Dec 19 (Reuters) - LMDV Capital, the investment vehicle of Leonardo Maria Del Vecchio, said on Friday it had agreed to buy a 30% stake in Il Giornale, a right-leaning Italian newspaper
Del Vecchio's Strategic Move: 30% Stake in Il Giornale
MILAN, Dec 19 (Reuters) - LMDV Capital, the investment vehicle of Leonardo Maria Del Vecchio, said on Friday it had agreed to buy a 30% stake in Il Giornale, a right-leaning Italian newspaper controlled by the Angelucci family.
Del Vecchio, one of the heirs to the late founder of eyewear giant EssilorLuxottica Leonardo Del Vecchio, said the deal marked the first step towards creating "an Italian publishing hub".
"This investment, alongside the Angelucci family, represents a concrete step in the direction I outlined in recent months: strengthening Italian publishing with patient, Italian industrial capital", Del Vecchio said.
The statement also said LMDV Capital had recently signed an exclusivity agreement to acquire a majority stake in an Italian media group, though it did not disclose the group's name.
Earlier this month, Del Vecchio said he had offered 140 million euros ($163.97 million) to buy the GEDI group, publisher of the centre-left Italian newspapers la Repubblica and La Stampa, but his offer was rejected.
GEDI, a loss-making company owned by the Agnelli family holding company EXOR, is in talks with the Greek media company Antenna.
Il Giornale, founded in 1974, was previously controlled by the Berlusconi family.
LMDV Capital has completed a string of acquisitions in recent years ranging from hospitality brands to the beverage industry.
($1 = 0.8538 euros)
(Reporting by Elisa Anzolin, editing by Giselda Vagnoni)
