Spain: Prisa TV accepts an offer of €725m from Telefonica for 56% of Spanish Canal+

Spanish broadcaster Prisa TV accepted an offer of €725m for its 56% stake in its pay-TV subsidiary Canal+ (formerly promoted as Digital +) on 08/05/2014. The offer was made by the Spanish telecommunications group Telefonica.

Prisa TV now has 30 days to complete the transaction with Telefonica. If this acquisition is approved by Spain's National Commission on Competition, Telefonica's share in Canal+ will reach 78%.

So far, Prisa TV has had a 56% stake in Canal+, while Telefonica and broadcaster Mediaset España each held 22%. Prisa TV announced on 25/02/2014, that due to a recent capital increase which amended its shareholder pact with Telefonica and Mediaset España, Prisa TV was offering to buy their stakes in Canal +.

Canal+ has the majority of domestic TV rights of Liga BBVA and Champions League in Spain for the 2012-2015 cycle.

• Prisa TV had sold 44% of its stake in Digital+ to Telefonica and Mediaset Espana (22% to each) for €976m in 2010.
• Canal+ Spain has 1.6m subscribers. Over the past eight…