Telefónica has tabled a €725 million offer for 56% of the Spanish pay-TV operation Digital Plus.
The bid is somewhat less than the €1,000 million sought by the cash-strapped media concern Prisa that is effectively being forced to sell its TV operations.
Telefónica already holds 22% of Digital+ and with 78% of the company would be in effective control, sitting alongside junior partner Mediaset, which currently holds 22% of the company.
The telco has been looking to relaunch its existing IPTV offer Movistar TV. In the past Telefónica was a pay-TV operator in its own right through the Via Digital satellite platform, until its merger into what is now Digital+/Canal+ in 2002.
BSkyB, Al Jazeera and Liberty Global have previously been linked with a bid.
The offer will first need the approval of the National Commission on Financial Markets and Competition (CNMC).