Telefónica to exit the media market

24 Mar 2003

Spanish ex-incumbent Telefónica is preparing to sell its majority stake in loss-making radio and television network Antena 3 because of a new media law that forbids companies from holding stakes in more than one Spanish broadcaster. The telco intends to distribute half its 59% stake in Antena 3 to existing Telefónica shareholders before seeking a public listing for the remainder in November. The distribution of shares values the broadcaster at around EUR1.4 billion.