Thursday March 26, 10:44 AM
UPDATE 1-La Sexta says mergers imminent in Spanish TV
MADRID, March 26 (Reuters) - Spanish TV and media groups are bound to merge within four to six months as they grapple with 'horrific' industry conditions, the CEO of TV station La Sexta said on Thursday.
He said advertising
revenues, the mainstay of the sector, were down 25 percent in the first quarter and operators now faced a 'horrific' outlook that would force a rethink of business structure.
'The (economic) crisis is the best guarantee that this will happen ... It's possible that we will end up with three groups (from six private groups previously),' Jose Miguel Contreras said.
La Sexta was talking informally to other major industry players, but no negotiations had started and whoever moved first would have a significant advantage, he said.
In addition to Spain's state-owned Television Espanola, the main broadcasters are Antena 3 (Madrid: A3TV.MC - news) , Telecinco (Madrid: TL5.MC - news) , La Sexta, Cuatro -- owned by Prisa (Madrid: PRS.MC - news) -- as well as media groups Unedisa and Vocento (Madrid: VOC.MC - news) , who have digital channels.
(Reporting by Robert Hetz and Elisabeth O'Leary, editing by Will Waterman)
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