Confidentiality in Endemol sale
EmptyMADRID -- Telefonica and Spanish commercial television channel Telecinco signed a confidentiality agreement Tuesday over the sale of Endemol, the telecom giant's Dutch-based television producer.
"From this moment and until the conclusion of the sales process, Telecinco will respect a strict obligation forbidding it from divulging any kind of information about the development of the operation," the broadcaster said.
Although Telefonica chairman Cesar Alierta said in 2002 that Endemol was not a strategic asset for the company, it formally put the unit up for sale only this month.
Both Telecinco and its parent company, Mediaset, immediately expressed interest in buying the creator of "Big Brother."
Telefonica sent shockwaves through the industry in 2000 when it splashed out $5.3 billion to acquire the blue-chip production house at the height of the technology bubble, with intentions of wedding top-notch content with Telefonica's state-of-the-art channels.