Telefonica Fined by Spain Competition Authority Over Formula 1 Deal
01 Agosto 2023 - 3:39AM
Dow Jones News
By Adria Calatayud
Spain's competition authority fined Telefonica 5 million euros
($5.5 million) over an agreement with streaming platform Dazn for
rights to broadcast Formula 1 motor racing, a decision that the
company intends to appeal.
Spain's National Commission on Markets and Competition said late
Monday that it found the agreement between Telefonica and Dazn was
in breach of commitments the Spanish telecommunications company
made as part of its acquisition of media company DTS in 2015.
The commission said the agreement meant Telefonica excluded
Formula 1 content from its 2021 wholesale channel offer and had
clauses that resulted in "de facto" exclusivity. This didn't comply
with the company's commitments related to the DTS acquisition, the
commission said.
In response, Telefonica said it will file an appeal before
Spain's National Court against the sanction, and that its agreement
with Dazn to acquire the Formula 1 broadcasting rights was in line
with its commitments in relation to the DTS deal.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
August 01, 2023 02:24 ET (06:24 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Telefonica (NYSE:TEF)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Telefonica (NYSE:TEF)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024
