Mexican Grupo Televisa has given the green light to the integration of Spanish broadcasters Antena 3 and La Sexta.
The deal comes after years of speculation of a possible merger of the two channels.
The merger involves no cash payments, just a new distribution of shares. Televisa will trade its 40.8% share in La Sexta for an increase of 14.5% in its stake in Imagina Media Audiovisua, the main shareholder of Antena 3.
Imagaina will now see its share in Antena 3 increase to 92% as a result of the transaction, which is subject to regulatory approval.
The merger between Antena 3 and La Sexta is the second in a process of consolidation in the Spanish TV market. In December 2009 Telecinco and Cuatro merged.
Earlier this week the Prisa Group announced it is withdrawing its Canal+ 2 channel from the DTT market.
