Telecinco to Acquire Cuatro

MADRID: Spanish broadcaster Telecinco, which is majority owned by Italy’s Mediaset, has reached a deal to acquire the free-to-air network Cuatro from Prisa, as well as a 22-percent stake in the pay-TV platform Digital+, for around 1.05 billion euros in cash and shares.

Under the terms of the agreement, Prisa, through its Sogecable subsidiary, will receive about 18.3 percent of Telecinco’s equity, plus 500 million euros in cash. The move enables Prisa to pay down some of its debt, which currently stands at some 5 billion euros.

There is more consolidation pending in Spain’s free-to-air sector, with Antena 3 in merger talks with La Sexta.