No easy way to Telefónica's full control of Canal+
Juan Fernandez Gonzalez
Telefónica said on Friday it had agreed to buy Mediaset's 22% stake in Canal+, although the deal has yet to be finalised.

The activity around what was once Prisa's flagship has been very intense since the beginning of the year. In May, Prisa agreed to sell 56% of Canal+ to Telefónica in a €750 million deal, which is still awaiting approval from the competition regulators.

Although both parties have recognised there is a negotiation - after which Telefónica is likely to buy the rest of Spain's largest pay-TV platform - the final agreement is not achieved yet.

“There is not a definitive deal between Mediaset and Telefónica,” Mediaset told Spain's stock market regulator, Comisión Nacional del Mercado de Valores (CNMV).

Right after Prisa's acceptance, Telefónica put €295 million on the table to buy Mediaset's stake, an offer which could grow up to €355 million depending on Canal+'s financial evaluation.

César Alierta's company, whose main goal for 2014 is becoming a video company, intends to control Canal+ and transform the telco into Spain's largest pay-TV operator. With Vodafone again in the TV and fibre business after purchasing ONO, the telcos seem to be taking a position in what seems to be the beginning of a new era in Spain's pay-TV market