Telefónica has offered Mediaset €345 million to secure complete control of Distribuidora de Televisión Digital (DTS), the company that owns Canal+.

Quoting information that the group’s president César Alierta has submitted to the Comisión Nacional del Mercado de Valores (CNMV), El Pais reports that the bid consists of several elements.

The first, equivalent to €295 million, is for the 22% stake that Mediaset España currently holds in DTS, implying a total company valuation of €1,340 million.

This was the same reference point that was used to acquire the 56% in Canal+ owned by Prisa in a deal that is still awaiting final approval before being closed.

Mediaset has also successfully negotiated an additional €50 million from Telefónica.

Under the deal, the Italian company would receive €10 million should Telefónica secure the 56% of DTS held by Prisa.

It would also receive an additional sum of up to €20 million depending on how Telefónica’s pay-TV business would perform in the four years following the closure of the acquisition of the 56% stake.

Mediaset would also be entitled to a fee of €30 million for renouncing its right of first refusal on participation in Prisa.
As a result, it would receive a total amount of €345 million from Telefónica.