Spain’s telco Telefónica has set up its own cinema and TV production company, called Telefónica Producciones, re-entering the production TV business four years after it sold its stake in the Dutch company Endemol.

Led by Ezequiel Nieto and Angel Vila, Telefónica Producciones, a subsidiary company of Telefónica de Contenidos, will manage and operate all productions and co-productions of films, TV programmes, movies or any other audiovisual art, according to the company.

The legal obligation on broadcasting companies (Telefonica is meant to be one of those because of its IPTV service Imagenio) of investing a five per cent stake of all their revenues on financing cinema and TV content is behind the creation of Telefónica Producciones, since the company will be able to benefit from its own five per cent investment.

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