Vivendi has increased its stake in Telecom Italia to 19.9 percent by snapping up shares worth over €3 billion.
The media company became the Italy-based operator’s largest shareholder during the summer.
France-based Vivendi acquired 14.9 percent of Telecom Italia in June as part of the deal that saw it sell Brazilian broadband provider GVT to Telefónica.
The company said it had paid around €1.14 for each new share.
A statement read: “This new investment confirms Vivendi’s intention to support the telecoms group over the long term and to develop its activities in southern Europe.”
Vivendi has exited the telecoms businesses it owned – notably SFR in France – in the past few years to focus on its media activities.
In June, it said it saw “significant growth prospects and a very strong appetite for quality content” in Italy.
Telecom Italia saw group revenues fall 4.3 percent in the first six months on the year.
Sales in Italy were down over two percent, but in Brazil the decline was 10 percent.
Last month, the operator announced it was cutting 3,000 jobs over the next three years in a bid to reduce costs.
The company has yet to make a statement on Vivendi’s increased stake.
Daniela Biscarini, Head of Multimedia Entertainment at Telecom Italia, is speaking at European Communications’ OTT/Digital Content Strategy seminar on 8 October. Click here to register