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Spain: Telefonica seeks control of Digital Plus TV

Telefonica offering $1 billion for majority stake in Spain's Digital Plus pay TV

Associated Press

MADRID (AP) -- Spanish telecommunications company Telefonica is offering 725 million euros ($1 billion) for a controlling stake in Spain's pay-per-view TV operator, Digital Plus.

In a statement published Wednesday, Telefonica SA said it was offering to buy the 56 percent stake in Digital Plus in the hands of Promotora de Informaciones S.A., or PRISA, owner of Spain*s daily El Pais and the Cadena SER radio network.

Telefonica already owns 22 percent of Digital Plus.

Digital Plus, one of Spain's main pay TV operators, owns many of the rights for broadcasting Spanish and European soccer matches.

EL Pais reported that PRISA had called an urgent board meeting to consider the offer. PRISA has a debt burden of some 3 billion euros and has been looking to offload the TV unit.