Spain’s Telefonica has announced that it has submitted a binding offer of EUR295 million (USD400 million) for Mediaset’s 22% stake in pay-TV group Distribuidora de Television Digital (DTS, also known as Digital Plus). Earlier this month, Telefonica said that it had agreed to buy a 56% stake in DTS held by Spanish media group Promotora de Informaciones (Prisa) for EUR750 million to increase its holding to 78%. In a statement to the Spanish National Securities Market Commission, Telefonica said this morning that Mediaset would be entitled to receive an additional EUR10 million if Telefonica closes the acquisition of Prisa’s 56% stake in DTS. In that case, Mediaset would receive a further EUR20 million depending on the evolution of Spanish pay-TV customers during the four years following the closing of Telefonica’s acquisition of the 56% stake in DTS. In case of acceptance of the offer, Mediaset would waive its pre-emptive right relating to the sale of Prisa’s stake in DTS to Telefonica, receiving EUR30 million as consideration for such waiver, in addition to the aforementioned amounts.
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