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Mexican television and media company Grupo Televisa SAB (TV, TLEVISA.MX) said Wednesday it has agreed to swap its 40.8% stake in Spanish broadcaster La Sexta for a 14.5% stake in production company Imagina Media Audiovisual.
Televisa, Mexico's biggest broadcaster and the world's top producer of Spanish-language programming, said the deal, which involves no payment other than the direct share exchange, also includes commercial agreements for potential collaboration with Imagina on content production.
Televisa said it will name two members to Imagina's 12-member board of directors.
The share-swap will give Imagina 92% of La Sexta, which has reached an agreement to merge with Spanish broadcaster Antena 3 de Television SA (A3TV.MC), according to a person close to the situation. The person said the boards of La Sexta and Antena 3 are expected to approve the planned merger.
-By Anthony Harrup, Dow Jones Newswires; (5255) 5980-5176, email@example.com
--Pablo Dominguez and David Roman in Madrid contributed to this article.