German giant Kirch may close a sale on its 25% stake in Spanish broadcaster Telecinco in a matter of days, according to local Spanish news sources.
The stake could be split among current Telecinco shareholders: Italy's Mediaset and Spain's Grupo Correo as well as any of three Spanish investors approached individually. Mediaset currently owns 40% of Telecinco, and Grupo Correo 20%.
In December Kirch sold its 1.28% stake in Mediaset for Euros 120m. Both moves form part of an ongoing strategy by Kirch to focus its business operations on the German language market ahead of its planned merger with ProSiebenSAT.1 Media AG next June.
The sale could give a boost to Telecinco plans for a stock flotation. Dutch group Ice Finance BV owns the final 10% of the broadcaster, which it bought from Spanish media and publishing company Planeta in May 2001.