Telefonica Fined by Spain Competition Regulator for Breaching Acquisition Terms
March 10 2023 - 09:10AM
Dow Jones News
By Adria Calatayud
Spain's competition regulator said Friday that it has fined
Telefonica SA 6 million euros ($6.4 million) for breaching terms of
its 2015 acquisition of media company DTS, a decision that the
Spanish telecommunications company intends to appeal.
Spain's National Commission on Markets and Competition said one
of the commercial packages offered by Telefonica breached the
commitments the company made at the time of the acquisition.
The commission said the deal was cleared in 2015 subject to
commitments proposed by Telefonica, including that the
telecommunications company wouldn't impose permanence obligations
on its pay-TV customers.
A Telefonica spokesman said the company will appeal the fine.
The company didn't breach the terms of the acquisition since there
was no permanence requirement linked to pay-TV in its package, the
spokesman said.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
March 10, 2023 08:55 ET (13:55 GMT)
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