Italian media conglomerate Cecchi Gori Group (CGC) is seeking foreign partners to relaunch its ailing terrestrial TV channels (TMC and TMC2), which lose money and fail to draw more than a three per cent audience share. The front-runner seems to be Rupert Murdoch’s News Corp Europe, which is interested in securing a foothold in the Italian terrestrial TV market, after recently becoming a shareholder in pay-TV platform Stream, together with CGC. A source within CGC has told Interspace that a recent study commissioned and conducted by the Allen & Co Bank has produced "a list of possible shareholders which we are working on. It will be a hot summer. No sale is as yet envisaged." CGC’s two TV channels reported revenues of L180 billion (Pounds 62 million) for 1998 and an increase of 10 per cent in advertising revenues for the first six months of this year.