Dutch production outfit Endemol Entertainment is to sell its 25% stake in Spanish-language internet portal Telepolis.com to one of the company's major shareholders.
In a statement, the company said that following its acquisition by Spanish telecoms and multimedia giant Telefonica, the "synergy benefits of a stake in a company like Telepolis will disappear". Telefonica is a major shareholder in Terra Networks, currently the largest internet service provider in the Spanish and Portuguese-language markets.
In addition, Terra is in the process of acquiring fellow ISP Lycos. Endemol said that co-operation with Terra is "the most obvious course of action" adding that it is already working with the company on local versions of its hit television programme Big Brother in the UK and Spain.
Endemol, which also this week sold its 25% stake in Germany's Helkon Media (Screendaily, August 1), bought the Telepolis stake in January. Other major shareholders include the portal's founder Eudal Domenech and Spanish bank Bankinter.