Iñaki Ferreras ©RapidTVNews | 19-09-2011

Leading Spanish cable TV operator Ono is rumoured to be on the verge of buying out rival Telecable.

The operator needs to extend its network which reaches almost across the whole of Spain but there are some key areas missing such as the Northern region of Asturias, where there is a very well implemented network by Telecable.

Telecable, which hasn't done so well in terms of profitability, is now on sale, according to the 'Expansión' newspaper with Liberbank is its main shareholder with 92% of its shares. CVC is also bidding to this operation.

The sale is being managed by Société Général on Liberbank's order, the bank in which the Asturias local financial house Cajastur transferred its Telecable stake to in June.

Telecable has been valued between €350–420 million and last year the company had net profit of €17.5 million on the back of €121 million revenues. By the end of 2010 the cable TV operator had a total of 156.000 million subscribers.