Spanish operator creates content JV with Atresmedia with a view to competing better with the global big guns
Telefonica has partnered with media group Atresmedia to create what it describes as a content factory that will produce original TV series and films for their respective TV platforms.
The pair have inked a deal to set up a 50:50 joint venture that will build on their existing content creation and distribution businesses by producing new content for their own outlets as well as promoting co-productions with other companies and creating content for third parties.
The deal still requires the approval of Telefonica’s executive committee.
The partnership, the companies said, will make them more competitive against the big international content creation companies and distributors and will drive the market for audiovisual content in the Spanish language.
Highlighting its growing presence in the content space, Telefonica noted that in the coming days its Movistar+ Digital TV platform will release its first original film, ‘Mientras dure la Guerra’ by Spanish-Chilean director Alejandro Amenábar.
"Telefonica therefore reinforces its capacity as a creator of original fiction content and its broad multiplatform reach to position its original Spanish-language productions in the global market," the telco said.