With this deal Telefonica will control 100 per cent of the pay-TV company Canal Plus and become the largest pay-TV operator in the market with over 2.6 million subscribers.
Telofonica had been negotiating with Mediaset Spain to buy its 22 per cent stake in the Spanish pay-TV platform Canal Plus over the last few weeks.
Telefonica had already acquired a 56 per cent stake in the platform for €750 million to raise its share to 78 per cent. Telefonica will now have a free hand to integrate TV, broadband and telephony in attractive offers through its brand Movistar Fusion.
Mediaset will remain one of the key content providers to the pay–TV company.