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Telefónica and Atresmedia get green light for studio JV

The European Commission has given a green light for Spanish telco Telefónica and commercial broadcaster Atresmedia to create their planned studio joint venture, Buendía Estudios.

The new company – a 50:50 JV between the pair – will be tasked with creating and producing content in Spanish for the global market.

The pair said that the new company will focus on domestic and international operators and would help to revitalize the Spanish audiovisual sector and independent production community by promoting association agreements and co-productions.

The company will aim to create content for partners including Telefónica’s own pay TV platformMovistar+ and Atresmedia, as well as Amazon, Netflix, Warner, HBO, TNT, HBO Max, Orange and Spanish regional channels.

Buendía Estudios will target the domestic Spanish, Latin American and Hispanic US markets.

Atresmedia has been responsible for the creation of series such as Money Heist, Locked Up, The Time in Between, Velvet, Gran Hotel, El internado and El Secreto de Puenteas well as movies such as Marshland, The Invisible Guest, The Realm, Mirageand Palm Trees in the Snow.

Movistar+ meanwhile has been committed to the release of 12 projects a year, including The Plague, Mira lo que has Hecho, and Vergüenza.

Existing co-production projects from Movistar+ include Hierro, En el Corredor de la Muerte, andEl Embarcadero, the latter developed by Atresmedia Studios for the platform.