Financial Briefs

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.”

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety

Loading