Telecom Italia to restart talks on joint venture with Canal Plus

MILAN (Reuters) - Telecom Italia (TLIT.MI) said on Wednesday it would restart talks over a joint venture with Vivendi (VIV.PA) pay-TV unit Canal Plus to meet requests from Italian market watchdog Consob.

Telecom Italia, de facto controlled by Vivendi, approved a content deal with Canal Plus in October, strengthening the link between the phone incumbent and its biggest shareholder.

But the way the decision was taken came in for criticism from TIM auditors and a letter was sent the phone group by Consob.

TIM said in a statement the new talks on the content venture would restart immediately in accordance with "regulations governing related-party transactions of greater importance".

As per such rules, TIM said a special committee made up of independent directors would be involved in the new negotiations.

The aim was for "a rapid conclusion" to the talks, TIM said.

Sources have previously said Italian broadcaster Mediaset (MS.MI) could become part of the joint venture at a later stage.

(Reporting by Stephen Jewkes; editing by Francesca Landini)