Telefónica will pay €706.8 million for the stake, giving it 100% control of the operation. The operator has already transferred 80% of the total, or €565.4 million. The final price could be adjusted upwards or downwards.
As a condition of the deal, Telefónica will make 50% of the content of its premium channels – comprising both Canal+ and its own Movistar TV services – available to rival operators at wholesale, including premium sports services centred on Spanish top-tier football, Formula One motor-racing, Moto GP, international basketball and coverage of the Olympic Games.
Telefónica’s hold on its remaining exclusive content will be limited to a two-year window.
Prisa will now focus on educational and informational publishing activities, with an increased focus on the Latin American market.