Luxembourg’s CLT reportedly snapped up almost 20% of the Spanish commercial broadcaster Tele Cinco — the media conglomerate’s first such foray into this country.
ONCE, Spain’s main association for the blind, just sold the bulk of its 25% stake in Tele Cinco for 7.5 billion pesetas (about $ 55 million).
That’s three times the price ONCE paid for the shares when the web started operating in 1990.
A rep for ONCE said the sale was purely a profit-seeking endeavor and was not spurred by any strife with its other partners in Tele Cinco: Italian media tycoon Silvio Berlusconi (with a 25% stake) and his German counterpart Leo Kirch (with a 50% stake).
Although it retains a 6.25% stake in the channel, ONCE will withdraw entirely from participation in Publiespana, the subsidiary that handles all advertising sales in Spain for Tele Cinco.