PRISA finally closes the sale of 56% of Canal+ to Telefónica

La operación se ha cerrado por un importe de 706,81 millones de euros, frente a los 750 millones de euros acordados en un primer momento debido a las condiciones impuestas por la CNMC.

Tras recibir el visto bueno con condiciones hace apenas unos días por parte de la Comisión Nacional de los Mercados y la Competencia (CNMC), finalmente Telefónica ha anunciado la compra a PRISA del 56% de la plataforma de televisión de pago Canal+.

The operation has been closed for an amount of 706.81 million euros, compared to the 750 million euros initially agreed due to the conditions imposed by the CNMC. Among the limitations, the CNMC established that competitors will be able to access a maximum of 50% of the 'premium' channels that make up Telefónica's wholesale offer at prices that ensure "replicability" and avoid situations of "narrowing of margins."

In addition, Telefónica has communicated that depending on the amount that Canal+ finally collects from Mediapro, as a consequence of the award issued within the framework of the arbitration procedure initiated by said platform and the review of the adjustments contemplated in the contract, the final price of the sale will be adjusted.

From now on, Telefónica, which already had 44% of the capital of Canal+, will have 100% of the platform in its hands.

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Telefónica must limit the duration of its content acquisition contracts to three years and renounce preferential acquisition rights. For its part, the exclusive exploitation of the content acquired by the company is limited to two years and certain types of broadcast windows. Thus, for example, video-on-demand broadcasts of catalog movies and series will not have exclusivity.

On the other hand, according to the instructions of the CNMC, Telefónica will not be able to acquire exclusive broadcasting rights that it is not going to exploit, although these conditions do not apply to its own productions. In the case of channels edited by third-party operators, Telefónica will not be able to acquire exclusive broadcasting rights for these channels edited by third parties.