Digital DTH merger forces Antena 3 sale

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Telefónica is working against the clock to divest its 59.2 per cent stake in Spanish channel Antena 3 TV to comply with the conditions of the digital merger between its DTH platform, Via Digital and Sogecable-owned Canal Satelite Digital.

Under current legislation, the Spanish media giant has until the end of the year to sell up, so it has decided to float at least half of its stake in the channel on the Madrid Stock Exchange in October. The group is also reputedly in discussions with several media groups to sell around 30 per cent of its stakes in the channel. Publishing house Planeta, Spanish media groups Correo and Recoletos and RTL Group, a 17 per cent shareholder in the channel, have all expressed an interest in Antena 3, to which Telefónica has placed a book value of around €1.4 billion.

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