\n\tMADRID: According to local reports, Telefónica has closed its agreement with Grupo Prisa for a 56 percent interest in pay-TV platform Canal+ Spain, worth 707 million euros ($792 million).<\/p>\n
\n\tThe deal comes a week after Spain’s National Commission of Markets and Competition (known through its Spanish acronym, CNMC) approved Telefónica’s acquisition of Canal+ (DTS), with some conditions.<\/p>\n
\n\tTelefónica, which already owned 44 percent of Canal+, said the purchase price stood at 707 million euros, compared with the initially announced 750 million euros, due to adjustments for variables and a decline in business. Of that amount, Telefónica has already paid 80 percent, or 565.5 million euros ($633.4 million). The remaining 20 percent will be paid “after completion of the adjustments referred to in the sale contract, which could lead to the price either increasing or decreasing.”<\/p>\n
\n\tThe transaction’s final cost “will be adjusted” based on the value ultimately placed on Mediapro’ Digital+, following a ruling clearing the rights for the TV broadcast of soccer matches, along with the revision of the adjustments referred to in the contract.<\/p>\n
\n\t“With the sale of DTS completed, Prisa will focus on the education and information business, with a special emphasis on growth in Latin America, as well as a continuation of its policy to reduce debt and strengthen its balance sheet,” the company said in a statement.<\/p>\n","protected":false},"excerpt":{"rendered":"
MADRID: According to local reports, Telefónica has closed its agreement with Grupo Prisa for a 56 percent interest in pay-TV platform Canal+ Spain, worth 707 million euros ($792 million). The deal comes a week after Spain’s National Commission of Markets and Competition (known through its Spanish acronym, CNMC) approved Telefónica’s acquisition of Canal+ (DTS), with …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[69],"tags":[],"class_list":["post-5894","post","type-post","status-publish","format-standard","","category-top-stories"],"yoast_head":"\n