Planeta, RTL set to up Antena 3 stakes

Telefonica takes second step to exit b'caster

MADRID — Planeta/De Agostini and the RTL Group look set to up their stakes in Spanish web Antena 3 when owner Telefonica distributes a 30% stake in its private broadcaster among its shareholders on Tuesday. According to a document submitted to Spain’s CNMV stock market authorities on Friday, Telefonica shareholders will be able to sell their shares beginning Oct. 29. The share issue price is tabbed at E25.20 ($29.30), valuing Antena 3 at $1.6 billion.

Telefonica’s decision is the second step in its exit from Antena 3. The giant Spanish telco sold a controlling 25% stake to Planeta/De Agostini in April.

In June, the two companies inked a shareholders’ pact setting ceilings of 49.9% and 35% for their respective shareholdings in Antena 3.

The CNMV documentation also lays out writedowns of $207.9 million for TV series that bombed as well as for lapsed or devalued TV rights.

The provisions mean that Antena 3 will post an estimated full-year loss of $105.2 million for 2003, against a 2002 deficit of $34.8 million, despite far better operating margins this year.

(Emiliano de Pablos contributed to this report).

Filed Under:

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: Logo

You are commenting using your 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