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Mediaset granted extra time to consider Canal Plus position

Spanish telecommunications company Telefónica and media company Prisa have agreed to extend the deadline for media company Mediaset to exercise their right of first refusal on the agreement for Telefónica to acquire a 56-per-cent stake in Spanish pay-television operator Canal Plus.

Telefónica is currently awaiting regulatory approval for its deal to acquire the 56-per-cent stake in Canal Plus from Prisa for €750m ($1.02bn).

However, Spanish news agency EFE said Telefónica and Prisa have set a new deadline of July 4 for Mediaset to exercise their right of first refusal on the stake.

Telefónica last week submitted a bid to acquire Mediaset’s 22-per-cent stake in Canal Plus. The Prisa deal would increase Telefónica’s stake in Canal Plus to 78 per cent, and the deal with Mediaset would give the telco a 100-per-cent shareholding.

Canal Plus changed its name from Digital Plus in 2011 and is a major sports broadcaster in Spain.