A new Italian satellite TV company that aims to compete with Telepiu and Stream is being developed by Finmeccanica subsidiary Alenia Spazio and Franco Bernabe & Company. Former Telecom Italia chief Franco Bernabe said in a newspaper interview that the partners were developing a project for Internet via satellite combined with a TV channel, either encrypted or free to air. He added that the TV project was in partnership with state-owned satellite company Alenia Spazio and has secured financial backing from San Paolo IMI bank. According to Bernabe, the new project would mainly be aimed at a “very selective clientele such as major banking institutions.”