Bloomberg: Telefonica close to buying satellite TV provider for €800M

Bloomberg reports Telefonica (TEF) is near a deal to buy Spanish media giant Prisa's 56% stake in satellite TV unit Canal+ for €800M ($1.1B). Sources state Telefonica, which already owns 22% of Canal+, might pay for the purchase with cash.

Telefonica COO Jose Maria Alvarez-Pallete (his role was recently expanded) has already expressed interest in buying Prisa's Canal+ stake.

News of the deal comes as Spanish cable giant ONO explores an IPO and reportedly holds "tentative" acquisition talks with Telefonica rival Vodafone.

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