Complex sentence: Currently La7 is considered as the third major network in Italy, it is owned by Telecom Italia Media, the media branch of the telephone company Telecom Italia, which also owns 51% of MTV Italia.
Split into simpler sentences: Currently La7 is considered as the third major network in Italy. It is owned by Telecom Italia Media, the media branch of the telephone company Telecom Italia, which also owns 51% of MTV Italia.