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published:
12-May-08
territories:
Spain - Europe
categories:
Merger/takeover/investment deal, Regulatory/legal development, General market development
Prisa takes control of Sogecable
Spanish media group Prisa has increased its stake in Sogecable to over 97 per cent, completing its bid for full control of the Spanish pay-TV and channel operator launched in December. Prisa paid an estimated €1.8bn to buy out shareholders including Telefonica and Vivendi. Prisa offer for full control was launched after it built its stake from five per cent to more than 50 per cent in the preceding 12 months. Spanish telco Telefonica decided to sell its full 16.8 per cent stake in Sogecable to Prisa. Prisa has taken control of assets including pay-TV service Digital Plus, rights agent AudioVisual Sport (AVS) and free-to-air national channel Cuatro. Prisa's other holdings include daily newspaper El Pais, and financial paper CincoDias. Regulatory approval for the acquisition has already been granted.
Our take...
Prisa's acquisition of Sogecable is likely to be mainly for the benefit of gaining control of Cuatro, Sogecable's free-to-air channel. Launched in 2005, Cuatro has made a significant dent in the Spanish TV advertising market, growing its business (in advertising revenue terms) by nearly 60 per cent in 2007 and gaining a market share of eight per cent. Cuatro and other digital channels have been putting heavy pressure on the main free-to-air channels, particularly RTVE and Antena3. Digital Plus, by contrast, Spain's number one pay-TV operator, has only grown revenues from its operations by 2.4 per cent in the same time period.
Spanish companies (following the law 6/2007) either acquiring over 30 per cent of the shareholding of a given firm, or increasing an existing stake of over 30 per cent by 5 per cent in a twelve-month period (or to over 50 per cent of the total share capital) are obliged to to make a bid for the remaining shares. Prisa was forced to make the outright bid following the series of increases in holding it made in Sogecable through 2007, taking it over the mandatory bid threshold. Consequently, the company was forced to buy any shares offered at the asking price, including those belonging to Telefonica. Prisa may well have been banking on Telefonica not selling its stake. If Telefonica had decided to retain its 16.8 per cent shareholding, Prisa would still have achieved control over Sogecable; however, Telefonica's decision has left Prisa a further €0.65bn out of pocket for no material benefit.
The acquisition of Sogecable has been accompanied by a statement from Prisa saying that it would mount a strategic review of its business segments. This has been followed by widespread speculation that the low-growth Digital Plus satellite business will be sold off (last year the company indicated that the sale of its Digital Plus stake was on the cards). The mandatory acquisition of Telefonica's stake in the TV firm has actually made a Digital Plus sale more likely, as Prisa will be looking to recoup some of its substantial investment in the venture. Challenge for the media group will be in finding a suitable price for the operation - with the high growth segments stripped away, Digital Plus alone may look like a far less attractive option to buyers. BSkyB, which has been building its stake in Germany's Premiere, is thought to be a possible buyer.
Other options could include a full merger between Prisa and Sogecable (thought unlikely given the fact that Prisa has racked up €5bn in debt), private equity investment, or even the sale of Digital Plus to Telefonica.
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Analyst, market intelligence & notices
(13) 1-13 showing
Nineteen VoD markets added to TV Intelligence
published:
14-Nov-07
territories:
Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Switzerland, UK
categories:
Market data analysis, Market data/forecast revision, New market data/forecast
Richard Broughton
Reports
(5) 1-5 showing
HDTV 2008: Global uptake, strategies and business model...
This new HD report focuses on business models, costs and benefits derived from HD services, notably from a pay TV operator perspective. The report is mostly centred on broadcast HDTV and pay HDTV across all platforms (satellite, terrestrial, cable, IPTV) but it is also looking at the overall migration to HD in all audiovisual services and devices (displays, set-top boxes, online HD, hi-def video, hi-def gaming, hi-def VOD).
published:
01-Jul-08
territories:
Albania, Austria, Belgium, Canada, China, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Iceland, Ireland, Italy, Japan, Korea. Rep [S], Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Russian Federation, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, Thailand, Turkey, UK, USA - Asia-Pacific, Benelux, Central and Eastern Europe, Europe, Africa and Middle East, Nordic Region, North America, Regional Totals
Vincent Létang
The Business of Children's Television
Covering Western Europe, North America, Australia and New Zealand, this report includes comprehensive data on spending on originated and acquired children's programmes, together with the value of the home entertainment market and licensing. The report also details hours of children's programmes transmitted over the last five years, the number of theme channels, and viewing by the children's audience. Profiles of the 25 leading players in the business are provided, including production and exploitation strategies, financial results and key properties.
published:
20-Jul-07
territories:
Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Spain, Sweden, UK, Canada, USA, Australia, New Zealand, Japan
Guy Bisson
Tim Westcott
European Broadband Cable 2007
The seventh edition of this best selling report is the only study of the European cable industry that is fully endorsed by Cable Europe (previously ECCA) and its members. The report contains a detailed analysis of 22 Western and Eastern European cable markets - for each country coverage includes homes passed, cable TV, telephony, Internet, unique cable homes, digital vs analogue as well as breakouts for cable TV, telephony and Internet revenues.
published:
20-Jun-07
territories:
Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Ireland, Israel, Luxembourg, Netherlands, Norway, Poland, Portugal, Romania, Slovenia, Spain, Sweden, Switzerland, UK
Guy Bisson
Maria Aguete
Chris Dziadul
European Digital Terrestrial Television: Market assessm...
The latest report from Screen Digest provides a detailed analysis of the European
digital terrestrial television (DTT) market in 15 Western and 4 Eastern European markets.
The report includes historical and five year forecast household and penetration data for free,
pay and top-up DTT as well as penetration numbers for cable, DTH and IPTV.
published:
21-Jan-06
territories:
Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Romania, Russian Federation, Serbia & Montenegro, Slovakia, Slovenia, Spain, Sweden, Switzerland, UK, Ukraine - Central and Eastern Europe
Guy Bisson
Chris Dziadul
European IPTV: Market assessment and forecasts to 2009
This report considers the prospects for IPTV services in sixteen European markets and the threat posed to the more established pay TV operators. Analysing key factors in each market the conclusions illustrate those countries best placed to take advantage of the triple play and advanced on demand services offered by IPTV operators.
published:
16-Nov-05
territories:
Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Spain, Sweden, Switzerland, UK, Slovenia
Daniel Schmitt
Articles
European pay TV giants hold sway
Key DTH satellite broadcasters face continuing challenges for pay TV rights, especially in sports
published:
26-Mar-08
territories:
France, Italy, Spain, UK, Germany - Western Europe
Tim Westcott
Rapid on-demand growth in Europe
Increased availability of content has changed the pay-per-view landscape
published:
26-Mar-08
territories:
Belgium, France, Germany, Italy, Netherlands, Norway, Poland, Spain, Sweden, UK - Europe
Richard Broughton
Euro HDTV channels expand
There were 78 high-definition channels on air in Europe at the end of Year Two, the year's launches roughly divided between free-to-air, basic pay and premium platforms. But the real channel surge is yet to come. New operators and major sporting events will boost the profile of HDTV in 2008.
published:
22-Feb-08
territories:
Albania, Belgium, Denmark, France, Germany, Italy, Netherlands, Poland, Russian Federation, Spain, Sweden, Switzerland, UK - Benelux, Europe, Nordic Region, Western Europe
Vincent Létang
Internet protocol TV market
Although IPTV as a platform has yet to achieve a subscriber base to rival that of cable or satellite, it has made serious gains in the years since it first arrived in Europe. France, is, and will remain, the main market for IPTV in Europe, with seven operators and a penetration rate of over 14 per cent. Its market share (now over 50 per cent of Europe's IPTV viewers) will decline as other European IPTV services start to take hold. By 2011, 65 per cent of European IPTV viewers will be outside France.
published:
23-Jan-08
territories:
Austria, Belgium, Czech Republic, Estonia, Finland, France, Germany, Greece, Hungary, Italy, Latvia, Lithuania, Netherlands, Norway, Poland, Romania, Russian Federation, Slovakia, Slovenia, Spain, Sweden, UK, Switzerland, Portugal, Ireland, Denmark - Central and Eastern Europe, Europe
Richard Broughton
Advertising market under pressure
Advertising market under pressure: TV ad revenues will struggle to match an already sluggish GDP growth in the next five years in Europe and the US. 2008 in particular is uncertain, between 'quadrennial' drivers (Sports, US elections) and adverse economic conditions
published:
23-Jan-08
territories:
France, Germany, Italy, Spain, UK, USA - North America, Western Europe
categories:
Market data/forecast revision, General market development
Vincent Létang
The business of football on TV
Rights are now being split up into smaller packages to avoid their being held by monolithic operators
published:
01-Dec-07
territories:
France, Germany, Spain, UK, Italy - Western Europe
Tim Westcott
Prospects for growth on Mobile TV
An analysis of brusiness models and structure of the value chain. Operators have experimented with a variety of business models. TV on mobile can be paid per day, per week, per month, per megabyte, per minute, per channel and per package. Technology limitations, the pre-pay and contract subscriber base, usage patterns and types of content are key metrics for the selection of a suitable business model for consumers. We examine and assess the options available to operators in the mobile TV field.
published:
01-Dec-07
territories:
Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Japan, Korea. Rep [S], Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, UK, USA - Asia-Pacific, Europe, North America
Ronan de Renesse
Funding of public broadcasting
In 25 countries surveyed, public funds worth þ22.3bn in 2006
published:
01-Nov-07
territories:
Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Poland, Portugal, Slovakia, Spain, Sweden, Switzerland, UK, USA - World
Tim Westcott
Free-to-air mobile TV market grows
More than 15m people in Asia subscribe to free-to-air mobile TV services
published:
01-Nov-07
territories:
Austria, Belgium, Canada, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Japan, Korea. Rep [S], Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland, UK, USA - World
Ronan de Renesse
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Western Europe
ARPU
