Spain’s largest pay-TV operator Movistar and second largest private TV company Atresmedia have entered into an alliance jointly to produce TV series and movies in an attempt to compete face to face with giant OTTs Netflix, HBO or Prime Video.
Both partners will set up a 50:50 company to produce Spanish-speaking series and feature films focusing on fiction.
The operation, subject to the approval of competition authorities, aims at creating a content giant able to compete face to face against big OTT players (Netflix, Amazon, HBO) and new entrants such as Apple TV+ or Disney +.
The new joint company will produce content to be distributed on their respective channels and sell it to third parties.
According to the companies the alliance means “gaining scale and capacity to be more competitive”, both on a national and international level. In addition, it aims to “boost the Spanish TV production market.