Spanish telecommunications company Telefónica is in talks with Mediaset to acquire the media company’s 22-per-cent stake in Spanish pay-television operator Canal Plus.
The Bloomberg news agency said that Telefónica may pay about €350m ($476m) for the stake in Canal Plus, which changed its name from Digital Plus in 2011 and is a major sports broadcaster in the country.
The report added that the telco is currently awaiting a final decision by Mediaset, which is owned by former Italian Prime Minister Silvio Berlusconi.
Last week, Telefónica agreed a deal to acquire a 56-per-cent stake in Canal Plus from media company Prisa for €750m, increasing its stake in Canal Plus to 78 per cent. The transaction still requires the approval of Spain’s competition authorities.
Telefónica is attempting to bolster its pay-television offering to offset a decline in its domestic telecommunications business.