Endemol float a reality?

Biggest hurdle would be establishing initial stock value

MADRID — Spanish telco Telefonica is reportedly poised to float the jewel in its media crown, Dutch reality show giant Endemol.

Telefonica prexy Cesar Alierta may list around 30% of Endemol.

An Endemol spokesman said he had no knowledge of a public quotation, but such a move meshes with Telefonica’s aim to sell off stakes in its media assets.

The flotation has to clear several hurdles. The highest is probably price: establishing an initial stock value that would encourage investment while not reflecting a huge drop in the value of the some €6 billion in shares ($5.88 billion) with which Telefonica paid for Endemol in March 2000.

(Marlene Edmunds in Amsterdam contributed to this report.)

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