Vivendi has upped its stake in Telecom Italia to 20.03 percent, consolidating its majority stake in the operator.
The France-based media company became the operator’s largest shareholder in June as part of a deal that saw it sell Brazilian broadband provider GVT to Telefónica.
Earlier this month, it snapped up more shares worth over €3 billion to increase its stake from 14.9 percent to 19.9 percent.
Vivendi’s ultimate aim remains unclear as the company has spent the last few years exiting the telecoms industry.
A statement read: “The Group reiterates its intention to be a long term shareholder of the Italian telecoms group and, more generally, to develop Vivendi’s activities in Southern Europe.”
Telecom Italia announced last month that it was cutting 3,000 jobs in a bid to reduce costs.
The operator saw revenue decline slow to two percent in its home market during the first half of the year.
However, the Italian market is set for a significant shake up with the proposed merger of Three Italia and Wind.
Parent companies CK Hutchison Holdings and VimpelCom announced a €21.8 billion deal in August.
Click here to watch a video interview with Daniela Biscarini, Head of Multimedia Entertainment at Telecom Italia, discussing the operator’s digital content strategy.