Andres Vicente Gomez has bought out100% of production-distribution house Lolafilms, the company he founded in1981.

Gomez, who has owned 30% ofthe company since a 2002 restructuring and is its CEO, bought out telecomsconglom Telefonica's 70% stake in a transaction undertaken last July butpreviously unreported.

Reporting its third quarterresults Thursday, Telefonica underscored its divestiture of non-strategic mediaassets, including stakes in thematic channel producer Mediapark and Britishpublishing group Pearson. It looks set to sell off production giant Endemol aswell.

Gomez, who has just returnedto Madrid from the Dominican Republic shoot of Luis Llosa's The Feast Of TheGoat, a Lolafilms-Future Films co-production starring Tomas Milian andIsabella Rossellini, wasunavailable for comment.

The company is also currentlyshooting rock-n-roll comedy Sinfin, Manuel Sanabria and Carlos "Pocho"Villaverde's follow-up to last year's low-budget underground hit La Fiesta.