Spanish telecommunications company Telefónica has tabled a bid to acquire a majority stake in pay-television operator Canal Plus, a major sports broadcaster in Spain.
The telco said that it had made a binding offer of €725m ($1bn) to acquire media company 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.
The bid has been expected for several weeks, with Prisa keen to ease financial difficulties and Telefónica aiming to establish the dominant pay-television sports broadcaster in Spain.
Other interested parties are reported to be media company Mediaset, possibly in a partnership with Telefónica, Qatari pay-television operator Al Jazeera and pay-television broadcaster Fox International Channels.
Canal Plus changed its name from Digital Plus in 2011.