RTL Group and Grupo Planeta Reach Agreement on Antena 3
Luxembourg- 1 July 2003. RTL Group and Grupo Planeta, two of the leading shareholders in the Spanish television broadcaster, Antena 3, have reached an agreement on the future corporate governance, management and shareholding structure of the company. This follows the decision by Telefonica, the previous majority shareholder of Antena 3, to dispose of its shares.
Under the agreement, and following the IPO of Antena 3 which is planned to take place before the end of 2003, both Planeta and RTL Group will have the possibility of increasing their stakes.
The Board of Antena 3 today decided that RTL Group will retain its two existing seats on the Board of Directors. These will be taken by Finance Director, Thomas Rabe and Nicolas de Tavernost, CEO of RTL Group’s part-owned French subsidiary, M6. In addition Mr Rabe will chair the Audit Committee, and Mr de Tavernost will sit on the Executive Committee and the Compensation Committee.
RTL Group Chief Executive Gerhard Zeiler said today: “We are very happy to have reached this agreement with Planeta as our new partners and the leading shareholders in Antena 3. We have always said that we would be happy to work with a local partner and that we wanted greater involvement in Antena 3. We look forward to working with the new CEO Maurizio Carlotti and a new management team which we believe will strengthen the channel’s market position and improve its financial performance.
“We are also satisfied that Antena 3 will be operating under internationally recognized standards of corporate governance, to the benefit of all shareholders.”
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