Endemol Entertainment has bought out 100% of Barcelona TV production outfit Gestmusic Endemol.
Endemol, itself 100% owned by Spanish telecoms company Telefonica, originally bought into the producer in 1994 and owned 60% prior to the latest move. Gestmusic founders Tony Cruz and Jose Maria Mainat will stay on as co-executive directors for at least another four years.
Gestmusic is best known for the creation of hugely successful TV programs such as reality show Operacion Triunfo, the most-watched program in Spain in the last two decades, and popular late-night variety show Cronicas Marcianas. The format for Operacion Triunfo has sold around the world.
Following the takeover, Gestmusic programs will be exported worldwide through Endemol's interests in some 22 countries.