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.