Having just secured full control of Spain’s Canal+, Telefónica has now agreed to buy an 11.11% stake in Mediaset’s Italian pay-TV business.
In a statement, Mediaset says the investment of €100 million in the business by Telefónica reflects the equity value of €900 million of a new company to which the pay-TV activities of Mediaset will be transferred.
Mediaset adds that “this partnership marks an important alliance between Mediaset and Telefónica for future cooperation in their respective pay TV activities in terms of technology, know-how and content”.
Significantly, Mediaset also says that the deal “begins a process of opening up the Italian pay-TV operator to other international partners, with a view to developing content production and distribution activities across all the pay platforms”.
This confirms what Pier Silvio Berlusconi, the deputy chairman of Mediaset, said earlier when he revealed that the Mediaset is in talks with Al Jazeera and other companies to cooperate in the Italian pay-TV business.
The Mediaset Premium deal follows the news last week that Telefónica has reached an agreement with the Spanish arm of Mediaset securing full control of Distribuidora de Television (Canal+).
In a previously announced deal, it agreed to pay €295 million, with the fee maybe eventually rising to €365 million, for a 22% stake in the company.
