RaiSat, the Italian public broadcasters subsiduary for digital television and thematic channels, has closed its first financial year in the black. During a recent shareholder meeting, RaiSat’s administrative council announced that the first financial results showed net profits of L2.7 billion (E1.4 million). RaiSat, which has been operative since July 1, 1999, supplies six thematic channels to the Tele+ D+ digital platform. Italian pubcaster RAI holds a RAI 94.5 per cent in RaiSat, with RCS having 5 per cent and RaiTrade the remaining 0.5 per cent.

RaiSat is expected to start searching for new partners from this summer, following the June launch of three new thematic channels on D+. One of the channels will be dedicated to European TV movies and series, while the other two will be produced in conjunction with RCS and Giunti Multimedia. In fact, RCS is separately preparing four channels for D+ dedicated to women, lifestyle, sports and fitness, while Giunti Multimedia is also working on three channels (dedicated to handicap, hobbies and local municipalities). RaiSat as well as RAI’s other subsidiaries which have recently been set up or are in the process of being launched (RaiWay, Serra Creativa, RaiNet and RaiCinema), will soon converge into a new subholding for new media which will be established by September. The new subholding, which could then be floated on the stock exchange by the spring of 2001, will have separate accounts in respect to RAI, so as to prevent the pubcaster being accused of cross subsidies between the licence fee and its commercial activities.

Operative since March 1, network operator RaiWay is responsible for around 2,000 transmission sites. It will not form part of the new subholding since it is essential for the tasks of a public broadcaster, but RAI will cede a minority stake by the end of the year. Serra Creativa is a business venture aimed at launching new projects, ideas and talents. Bain&Cuneo have been entrusted with finding minority shareholders, with Endemol and Pearson having already expressed an interest. RaiNet will be responsible producing Internet content, relying mainly on RAI’s programme output. Morgan Stanley is the advisor for alliances and partnerships. Finally, RaiCinema will be the owner of movie TV rights and will be responsible for audio-visual acquisitions and productions.