BERLIN — Pan-European broadcaster RTL Group and Spain’s Planeta Group reached agreement Tuesday (July 1) on the future management, shareholding structure and corporate governance of Spanish web Antena 3.
Move follows Planeta’s $400 million acquisition of a controlling 25.1% interest in A3 from Spanish telco Telefonica in April. The agreement allows both RTL and Planeta the possibility of increasing their stakes following A3’s planned IPO later this year.
RTL currently holds a 17% share in A3 and has reportedly been anxious to raise that stake — a plan that appeared to be complicated by Planeta’s acquisition.
In addition, RTL is to retain its two seats on A3’s board of directors, to be taken by RTL finance director Thomas Rabe and Nicolas de Tavernost, CEO of RTL Group’s French subsidiary, M6.
“We have always said that we would be happy to work with a local partner and that we wanted greater involvement in Antena 3,” said RTL CEO Gerhard Zeiler. “We look forward to working with the new CEO Maurizio Carlotti and a new management team which we believe will strengthen the channel’s market position and improve its financial performance. We are also satisfied that Antena 3 will be operating under internationally recognized standards of corporate governance, to the benefit of all shareholders.”