in 1994, italian film producer vittorio cecchi gori, who at that time already owner of videomusic, acquired tmc, and then, in 1996, created tmc2 to compete with rai and mediaset networks. however, his intentions were thwarted and ratings were at an all-time low, because the channel lacked nationwide coverage in italy. it was also at the time, in 1992, organizações globo took 15% of the shares in the new third tv channel in portugal, sic, which may have hurt tmc.