You will be redirected back to your article in seconds

Dresdner to sell Telecinco stake

German bank wants minimum of $538 mil

MADRID — Germany’s Dresdner Bank has begun to shop its 25% stake in Spanish broadcaster Telecinco.

Pointing to “movement in the Spanish market,” a Dresdner Bank spokesman told Daily Variety it could be an opportune time for investors.

“Recent changes in ownership laws as well as Mediaset’s activities haven’t gone unnoticed.”

“We have always maintained that our stake in Telecinco is not a strategic asset. But we are not under any pressure to sell at the moment,” he added.

Although he declined to comment on current negotiations with potential buyers, Monday’s edition of Spanish financial daily La Gaceta de los Negocios quoted a Dresdner source saying the bank had in fact “initiated the process to sell the stake.”

Dresdner inherited the 25% shareholding from the Kirch Group when Kirch used the stake in late 2001 to secure a DM910 million ($538 million) from the bank. The spokesman added that Dresdner was looking to get at least the $538 million it was owed.

Dresdner will be looking to sell its stake as Spain’s broadcasting market slowly recovers. Telecinco posted full-year 2002 net profits of €85.9 million ($100.5 million) off $740.5 million revenues and claimed early 2003 ad revs were up month-on-month on 2002.

The key question is whether companies will want to play second fiddle in Telecinco to Silvio Berlusconi’s Mediaset, which raised its own stake in Telecinco from 40% to a controlling 52% in December, taking advantage of the abolition late last year of ownership ceilings in a single broadcaster. Per the Dresdner Bank spokesman, the relaxation of single broadcaster ownership regs could encourage changes in ownership at Spanish webs.

More TV

  • BBC Orders Oscar Wilde Documentary with

    BBC Orders Oscar Wilde Documentary With Stephen Fry, Freddie Fox

    A new documentary about Oscar Wilde will tell the celebrated writer’s story with a star cast recreating excerpts from his greatest works, including “The Importance of Being Earnest” and “The Picture of Dorian Gray.” Freddie Fox, Claire Skinner, Anna Chancellor and James Fleet will all perform in the 80-minute show, “The Importance of Being Oscar,” which [...]

  • FOSSE VERDON -- Pictured: (l-r) Michelle

    TV News Roundup: 'Fosse/Verdon' Premiere Date Set at FX

    In today’s TV news roundup, FX announced the premiere date for “Fosse/Verdon,” and Comedy Central released a new trailer for the final season of “Broad City.”  DATES “Workin’ Moms” is set to premiere Feb. 22 on Netflix. The series, which is currently in its third season, first aired in Canada on CBC Television and is [...]

  • Ilana Glazer Abbi Jacobson

    'Broad City' Stars on Discovering New Aspects of Their Characters

    Throughout the run of “Broad City,” creators Abbi Jacobson and Ilana Glazer have been conflicted about how much of their on-screen characters (also named Abbi and Ilana) should come directly from their personalities and lives. But when it came to the final season, Jacobson in particular experienced a life-changing shift that she wanted to impart [...]

  • The Goldbergs spinoff

    NBC Orders Comedy Pilot 'Uninsured' From 'Goldbergs' Producers

    NBC has ordered a pilot for the multi-camera comedy “Uninsured.” In the series, young parents Dave and Rebecca end up having to take care of Dave’s parents who have mishandled their finances and need help to pay down a sizable debt. Dan Levy will serve as writer and executive producer, with Doug Robinson and Alison Greenspan [...]

  • Emily Kapnek

    'Splitting Up Together' Creator Emily Kapnek Inks Overall Deal at ABC Studios (EXCLUSIVE)

    Writer and producer Emily Kapnek has signed a three-year overall deal at ABC Studios, Variety has learned exclusively. Kapnek most recently developed the ABC single-cam comedy series “Splitting Up Together,” which is based on the Danish series “Bedre skilt end aldrig.” She was previously under an overall deal at Warner Bros. Television, which produces “Splitting Up [...]

More From Our Brands

Access exclusive content