Antena 3 confirms laSexta buy-in

Iñaki Ferreras | 28-09-2012

Grupo Planeta’s Antena 3 subsidiary has officially confirmed the go ahead for its purchase of Mediapro’s laSexta.

The operation will result in the effective transfer of the Planeta chain’s business and was confirmed during a meeting of the company’s board of directors on 26 September 2012.

The Board decided to accept the terms of the recent agreement of Spain’s Council of Ministers on 24 August, which amended the conditions imposed on the operation by the National Competition Commission (CNC ) that allowed the deal on the understanding that it was "e consistent with the content and the economic meaning of common terms of merger which was approved by the respective general meetings of shareholders of both companies."

Consequently, the group has announced that it will continue with the necessary steps to establish such terms.

The takeover had been questioned by the CNC's who insisted on conditions such as the creation of two fully independent companies with advertising and sales departments. However the Spanish Government usewd the competition body to change these terms for "reasons of public interest and maintaining media pluralism", removing the requirement that the company resulting from the merger would have to maintain two different companies to sell advertising space,

The new group will control up to eight digital terrestrial television channels (Antena 3 Neox, Nova, Nitro, La Sexta, Xplora, la Sexta3, the channel La Sexta has currently leased to GolTV) and account for roughly 42% of the advertising market.