Spanish telco Telefónica and La casa de papel broadcast group Atresmedia are joining forces for a new content firm.
Each business will jointly own the new outfit, leaning into their respective connections to talent and resources. It will both produce and distribute original series and films for the likes of Movistar+ and Atresmedia’s portfolio of channels, as well as third-party operators. Co-productions with third-party channels are also on the table.
The deal was struck by Silvio González, CEO of Atresmedia, and Emilio Gayo, CEO of Telefónica España. The pact is awaiting approval by Telefónica’s exec committee.
Atresmedia’s breakout hit in recent years is heist thriller La casa de papel, which was ultimately picked up globally by Netflix, which produced its own second season. Other credits include Velvet, Vis a Vis and El Secreto de Puente Viejo.
Meanwhile, Telefónica has channelled its scripted ambitions into SVOD service Movistar+, which has set out to launch 12 projects a year.
Key titles include La Peste, Mira lo que has hecho and Atresmedia Studios’ El Embarcadero (The Pier) from Alex Pina and Esther Martínez Lobato.
The tie-up comes as streaming rivals gather pace in the local market. Netflix, in particular, has taken significant strides over the last year, becoming settled in the Spanish market, where they have an extensive production base outside Madrid.