More changes to Spain's television landscape are in order if Italy's Mediaset follows through on plans to up its 40% stake in Spanish broadcaster Telecinco to a majority 51% share.
Speaking at a conference in Cordoba, Telecinco president Alejandro Echevarria confirmed the move to reporters. The broadcaster's remaining shareholders include Grupo Correo Prensa Espanola (25%), Kirch (Dresdner Bank) (25%), and ICE Finance BV (10%).
The Spanish government announced changes to television ownership regulations earlier this year which will allow single companies to own more than 49% of a broadcaster as of January 1. More recent changes to the law, however, will prohibit companies from owning shares in more than one local, regional or national broadcaster.
Alongside Grupo Prisa/Sogecable and Telefonica/Admira -- the parties behind Spain's anticipated pay TV merger -- Grupo Correo Prensa Espanola is one of the companies most affected by the latter ruling. It owns dozens of local stations as well as its stake in Telecinco.