Planeta exits Spain’s Tele 5

World Brief

Planeta Group has sold its 10% in high-flying Spanish free-to-air broadcaster Telecinco to Dutch-based investment fund Ice Finance BV.

The sale, but not the buyer, was expected. The biggest publishing company in the Spanish-speaking world, Planeta is the driving force behind Horizonte Digital, a consortium aiming to snag a digital free-to-air franchise to broadcast nationwide. Spanish TV legislation forbids a company from having substantial stakes in two free-to-air broadcasters.

Planeta bought 10% of Tele 5 in 1997. Mediaset owns 40%, and the Kirch Group 25% and Correo Group each have 25%.

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