Recent Spanish entrant into feature film production, media conglomerate MediaPro looks set to continue its expansion with the $57m (Euros 60m) buy-out of rival Avanzit Media, the media subsidiary of Spanish technology giant Avanzit.
MediaPro declined to comment on press reports that it is considering a $57m (Euros 60m) offer for Avanzit Media, formerly Telson, which has interests in Video Report, Ostra Delta, Daiquiri, Spainbox, Animagic and Classic & New Madrid.
Last year Telson reportedly was negotiating the formation of a three-way venture with TV and film production company Cartel and Barcelona distribution-exhibition giant Lauren Films. Press reports at the time suggested that Telson was valued at close to $570m (Euros 600m,) ten times MediaPro's reported offer.
MediaPro's recent expansion drive includes last month's purchase of a 60% share in Spanish production house Ovideo TV and a 20% stake in Italian production/consultancy Gruppo Comunicazione Italia (GCI). In January it acquired French production services company VCF for $14.2m (Euros 15m.)
The company, run by Jaume Roures y Gerard Romy, also recently announced its full-fledged entry into feature film production under newly hired film chief Juan Ruiz de Gauna, former CEO of Via Digital.