Telefonica eyes up a bigger slice of Digital+

SPAIN’S Telefonica is offering up to €355m (£284m) for Mediaset Spain’s 22 per cent stake in Digital+, in a deal that could eventually give it full control of the Spanish pay-TV group Prisa.

Telefonica said yesterday it had made a binding offer worth €295m for the Digital+ stake and a further €30m if it gave up its acquisition rights for a stake held by Prisa.

Telefonica, which already holds 22 per cent of Digital+, last month agreed with Prisa to buy its 56 per cent stake in a deal that was awaiting clearance by antitrust authorities and Prisa’s creditors.

It also said it would pay Mediaset Spain an additional €10m if it successfully finalised the acquisition of the Prisa stake and up to another €20m over a period of four years depending on subscribers to the service.

The Spanish arm of the Italian group Mediaset has until the end of the week to make a decision, a source close to the deal said.

Mediaset’s shares rose 2.03 per cent in Milan yesterday on news of the offer to close up at €3.61, while Mediaset Spain in Madrid rose 1.07 per cent to €8.77. Telefonica’s shares rose 1.88 per cent to €12.72.