Spanish publishing and multimedia giant Grupo Planeta looks set to sell off its entire 10% stake in private broadcaster Telecinco, and not just 5% as previously rumoured.
Sources at Planeta said that talks are underway with Telecinco backer Mediaset to take at least a 5% share. But Planeta president Jose Maria Lara Bosch is quoted today in financial newspaper Cinco Dias as saying that by January, "we foresee letting go of all our shares."
Planeta looks to be disinvesting itself of its current TV interests as a part of its bid for one of two new free-to-air DTT licences to be awarded by the Spanish government before November 30. Planeta also owns shares in newly launched pay DTT platform Quiero TV.
Last year, the publishing company opened subdivision Planeta 2010 to house its growing media interests, which include feature film acquisitions.
Telecinco posted year-end profits of Euros110.5m in 1999. Its current shareholders include Mediaset (40%), KirchGruppe (25%), Grupo Correo (25%) and Grupo Planeta (10%). The broadcaster is studying the possibility of launching an IPO, perhaps as early as next year.