Vivendi has upped its stake in Telecom Italia to 20.03 percent, consolidating its majority stake in the operator.

The France-based media company became the operator’s largest shareholder in June as part of a deal that saw it sell Brazilian broadband provider GVT to Telefónica.

Earlier this month, it snapped up more shares worth over €3 billion to increase its stake from 14.9 percent to 19.9 percent.

Vivendi’s ultimate aim remains unclear as the company has spent the last few years exiting the telecoms industry.

A statement read: “The Group reiterates its intention to be a long term shareholder of the Italian telecoms group and, more generally, to develop Vivendi’s activities in Southern Europe.”

Telecom Italia announced last month that it was cutting 3,000 jobs in a bid to reduce costs.

The operator saw revenue decline slow to two percent in its home market during the first half of the year.

[Read more: Q&A with Carlotta Ventura, Telecom Italia’s Brand Strategy and Media Director]

However, the Italian market is set for a significant shake up with the proposed merger of Three Italia and Wind.

Parent companies CK Hutchison Holdings and VimpelCom announced a €21.8 billion deal in August.

Click here to watch a video interview with Daniela Biscarini, Head of Multimedia Entertainment at Telecom Italia, discussing the operator’s digital content strategy.

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