Purchase should be formalized within six months
Continuing Spain’s media concentration, telco Avanzit has agreed in principle to purchase Telespan 2000, which produced pic smashes “The Other Side of the Bed,” “Football Days” and “The 2 Sides of the Bed.”Telespan will become part of Avanzit’s Telson Group, a Madrid-based post-production house and niche channel packager. The purchase should be formalized within six months, as due diligence appears uncomplicated. Telson managing director Oscar Vega values Telespan at $13.7 million-$17.5 million; Avanzit racked up revenues of $222.85 million revenues last year. Purchase will be via a share swap, with Telespan partners — Tomas Cimadevilla, David Serrano and Jose Herrero and Banco Gallego — jointly taking around 10% in Telson. Telespan will retain its brand name, focused principally on pic production. Per Vega, Avanzit wants to buy more distribution and TV/film content companies, and morph Telson into a film and TV holding that could seek a public listing.