3 Italia, the third generation mobile phone company owned by Hutchison Whimpoa, said its IPO should take place in the first quarter of 2006. This could make it the first big IPO of the new year.
3 also announced that they are buying the Italian TV station Canale 7, proving that people other than Silvio Berlusconi can actually own TV stations in Italy. 3 stated that they'll set up a network to supply their 4.8M customers (haven't they done well) with pay-TV and interactive services to their 3rd generation mobile devices.
It seems that positioning themselves as a media company will make them worth more at the IPO than as a straight forward telco. I hope they're doing this for more than just their valuation as merging advanced mobile networks with media assets has to be the future. That's the real reason they can be worth more.