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.)