Telefónica and Telecinco get green light for DIGITAL+ transaction

• The business consolidation of Telecinco and Cuatro and the sale of a 22% stake (each) of DIGITAL+ to both Telecinco and to Telefónica will be executed within the upcoming weeks.
• The economic conditions remain in tact, whereby PRISA will reduce its debt by close to 1,000 million euro.

The Comisión Nacional de la Competencia (CNC, Spanish anti-trust regulator) has today notified that it has filed the proceeding relating to the approval of the transaction between PRISA, Telefónica y Telecinco relating to DIGITAL+ as requested by the parties, whereby Telefónica and Telecinco each acquire a 22% stake in DIGITAL+. The remaining 56% of DIGITAL+ is held by PRISA.

The Board of the CNC, as announced today, has agreed to file the proceeding as both Telefónica and Telecinco have waived their veto rights in DIGITAL+ relating to certain management decisions whereby therefore there is no longer an issue of anti-trust which requires CNC regulatory approval under the present legislation.

The business combination of Telecinco and Cuatro - according to the new Private Television Merger Control Act (2009) and which permits the consolidation of free-to-air channels - was authorised by the CNC, subject to conditions, in October of this year.