Giglio Del Borgo has quit his position as commercial director at Italian pay-TV platform Stream, one of several recent resignations that have raised questions about the fate of the News Corp and Telecom Italia-owned company.
Stream chief Riccardo Catalani stepped down last week barely six months into the top job, making him the third CEO to leave the company in eighteen months. Commercial general director Mauro Pinelli and marketing director Paolo Badrigo also left last month. Catalani was replaced by Stream board member Lucia Morselli.
The executives leave as the battle surrounding Stream's ownership continues to unfold. News Corp and Telecom Italia recently took joint control of the company when the European Commission gave them the greenlight to increase their stakes to 50%. They had previously pushed out shareholders Cecchi Gori Communications and SDS, a consortium of four football clubs, paying $185m for their stakes after gaining permission from an Italian court.
News Corp's Rupert Murdoch now plans to gather all his satellite broadcast interests, including Stream, under one roof, to be named Sky Global Networks, but is facing objections from Vivendi. Murdoch wants the French media and utilities giant to swap its 24% stake in BSkyB for a 10-12% in Sky Global Networks. However Vivendi, which owns Stream rival Telepiu, said it will only do this on the condition that Stream is left out of the new structure.