Milan, October 20 - The board of directors of Telecom Italia (TIM) on Friday approved a binding term-sheet for a joint venture with Vivendi's pay-TV arm Canal+. TIM said in a statement that the "purpose of the joint venture is to design and implement the premium video content offer that TIM will offer its customers to speed up the development of fiber connectivity". Telecom Italia will hold a 60% stake and Canal+ a 40% stake in the joint venture, it said. The CEO will be picked among TIM-appointed board members. Telecom Italia will have three out of five board members, according to the statement.