Antena 3 and La Sexta have signed an agreement for the integration of the two companies by means of a merger by absorption of La Sexta by Antena 3, it was announced today.
The merger heralds a new order in the Spanish television and audiovisual market, consolidating the Antena 3 group's position as a leading player capable of facing Mediaset España. Mediaset became the largest tv media group this year after the integration of Sogecable's channel Cuatro by the end of 2010.
According to the agreements adopted, the shareholders of La Sexta will receive, in exchange for the assignment of all assets and liabilities of the same, 7% of the share capital of the new Antena 3 group. In order to perform this exchange, Antena 3 will first increase its capital by means of a new share issue.
In addition, the agreements include the allocation of an additional stake of up to 7% to the shareholders of La Sexta in a graduated manner and subject to the achievement of a series of targets linked to the results of the new group in the 2012-2016 period. Delivery of all or part of this stake, as the case may be, will be in the form of shares belonging to Antena 3's treasury stock.
The execution of the merger and the supplementary agreements is subject to obtaining the corresponding regulatory and competition approval. Moreover, Antena 3 intends to submit the operation for approval at its next Ordinary General Shareholders' Meeting, to be held in the first quarter of 2012.
The new spanish tv market
With the incorporation of the choice of television offered by La Sexta, the new Antena 3 group augments its exceptional presence on other markets (radio, advertising or cinema) with a leading proposal in the television business: A total of eight channels (Antena 3, La Sexta, Neox, Nova, Nitro, La Sexta 2, La Sexta 3 and Gol TV, the latter on a lease basis), providing a complementary and varied offer to meet the needs of both viewers and advertisers.
On the other hand, Mediaset España currently owns seven channels (Telecinco, La Siete, FDF, Cuatro, Divinity, Boing) with the expected launch of a new one, Energy, by the end of the month.
As of today, Mediaset averages a 26,4% market share in Spain's tv rating whereas the new Antena 3 Group would reach a 25,8% if the channels were already merged.