Spanish heavyweight producer Andres Vicente Gomez is in negotiations to take back the 70% stake in his production powerhouse Lolafilms which he sold two years ago to Admira (Telefonica Media).
Local press reports suggest that Admira, the media subsidiary of telecoms giant Telefonica, presided over by Juan Jose Nieto, is considering the sale despite initial board reluctance.
When the original deal was unveiled in January 2000, upping Admira's stake in Lola from 33% to 70%, Gomez said he had agreed "to stay on for five years as the exclusive producer for Lola Films, and Telefonica promised to leave [production activities] absolutely exclusively in my hands."
Gomez also said at the time that he had maintained an option to take back 20% of Lola after three years, and that he could not leave Lola sooner than 2005 unless mutually agreed with Telefonica.
Gomez launched Lolafilms in 1981 and was temporarily housed in the 1990s in Admira arch rival Sogecable. Lola produced 1994 foreign language Oscar winner Belle Epoque and is now Spain's most recognised producer internationally, thanks in part to an ambitious project to back English-language films out of a London-based division.
Admira also holds stakes in Dutch production giant Endemol Entertainment, Spanish TV platforms Via Digital and Antena 3, and Argentine producer Patagonik, among other interests.