Mexico’s Televisa, Latin America’s largest media group, said Wednesday it will swap its 40.8 percent stake in Spanish television network La Sexta for a 14.5 percent stake in production firm Imagina Media Audiovisual, also based in Spain.
The deal, which will leave Imagina with more than 92 percent of La Sexta, is a straight share swap and will not involve monetary payment, Televisa said.
Once the deal is completed, Televisa will become a shareholder of a firm that is “the main provider of audiovisual content and services for the media and entertainment industry in Spain and one of the most important in the Spanish-speaking world,” the Mexico City-based company said.
Televisa said the transaction “enriches potential synergies and value creation opportunities” for the two companies.
The Mexican company, which will have the right to two seats on Imagina’s 12-member board of directors, added that the deal may be subject to approval by Spain’s National Competition Commission.
Televisa, the largest media company in the Spanish-speaking world and the largest producer of Spanish-language TV programming, currently has a 68.6 percent share of Mexico’s broadcast TV market.
Televisa, which operates several Internet portals, owns the world’s largest Spanish-language magazine publisher (Editorial Televisa), as well as a cable TV company (Cablevision) that offers “triple play” (voice, data and video) services, a satellite TV firm (Sky Mexico) and a telecommunications company (Bestel) that focuses on high-volume carriers.