The board of directors at Spanish media company Prisa has accepted an offer from telecommunications company Telefónica to acquire a majority stake in pay-television operator Canal Plus, a major sports broadcaster in the country.
Prisa said that it would aim to finalise the details of the contract within the next 30 days.
Earlier this week, the telco made a binding offer of €725m ($1bn) to acquire Prisa’s 56-per-cent stake in Canal Plus with the aim of increasing its stake in the sports broadcaster from 22 per cent to about 78 per cent.