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Vivendi says investment in Telecom Italia is not to cut jobs

Reuters
The Vivendi logo is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, March 10, 2016. REUTERS/Charles Platiau

MILAN (Reuters) - French media company Vivendi (VIV.PA) said on Thursday its investment in Telecom Italia (TLIT.MI) is not intended to cut jobs after media reports 15,000 workers could be laid off at the Italian phone company.

"Vivendi is in Italy to develop and invest in the long term and not to cut jobs," a spokesman for Vivendi in Italy said in an emailed statement.

The French group is the top investor in Telecom Italia with a 24.9 percent stake.

Italian media said on Thursday 15,000 jobs at the group could be at risk as a result of competition from state-controlled utility Enel (ENEI.MI) over the development of fibre-optic broadband network.

(Reporting by Giulia Segreti, editing by Silvia Aloisi)