MADRID — Film-TV conglom Admira and producer Andres Vicente Gomez have agreed to a 21.6 million euros ($18.8 million) capital increase at Lolafilms to refinance the film production company.
Accord confirms that Gomez, Spain’s most ambitious producer, will stay at the conglom (Daily Variety, Feb. 14).
Gomez and associates hold 30% of Lola and began talks late last year to buy back the 70% that Admira’s parent company, Spanish telco Telefonica, bought from them in 1999.
Admira execs had suggested he should ankle as Lola CEO after the poor performance of its first English-lingo slate.
With Admira under new management, however, top execs championed keeping Lola for financial and strategic reasons.
With the capital increase, Admira and Gomez are expected to maintain the 70-30 share split.
They also will tap $9.8 million in existing capital to clear Lola debt.
Admira and Gomez’s hatchet-burying comes as Telefonica prexy Cesar Alierta announced at a meeting with analysts in Seville on Thursday that Telefonica will create a new “corporate contents” unit “leveraged by Endemol and other assets.”
Endemol topper John de Mol may reveal today how this unit meshes with Admira, which Telefonica had positioned as its major content provider for multiplatform distribution.