Telefónica makes €725m Digital Plus offer
Spain’s Telefónica has made a binding offer to buy a majority stake in Spanish pay-TV operator, Digital Plus. The telco said in a regulatory filing that it would pay €725 million to buy 56 per cent of Digital Plus from Spanish newspaper publisher and radio and television broadcaster Prisa. It already held a 22 per cent stake in the operator. Mediaset holds the remaining 22 per cent.
Prisa’s shareholders approved an agreement to restructure about €3 billion of debt in December 2013, obtaining new liquidity and extended debt maturities with creditors while gaining time to sell businesses such as broadcasting assets as it struggled to reverse a decline in advertising spending.