NEW YORK (TheStreet) --  Vivendi  (VIV) was approached by Telecom Italia  (TI) to form an alliance that could lead to the French media company acquiring a significant stake in Italy's largest phone carrier, Bloomberg reports.

Telecom Italia CEO Marco Patuano and Vivendi Chairman Vincent Bollore have met about the potential alliance, said sources, Bloomberg noted.

The two companies were already in talks to tie-up before the announcement that Telefonica  (TEF - Get Report) offered to buy Vivendi's GVT unit for $9 billion earlier this week.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Shares of Vivendi are down -1.02% to $25.78. 

Shares of Telecom Italia are down -0.47% to $10.66.

VIVHY Chart