3
Atresmedia Group through a merger by absorption. Specifically, the
novation of the agreement relates to the terms and conditions
regarding the "Additional Ownership Interest", whereby La Sexta
shareholders were granted the right to receive an additional ownership
interest of 7% of the share capital of Atresmedia Corporación de
Medios de Comunicación, S.A., conditional upon the Atresmedia
Group's earnings performance from 2012 to 2016, inclusive.
Under the novation, Atresmedia agreed, with Gamp Audiovisual S.A.
and Imagina Media Audiovisual, S.L., to bring forward and definitively
adjust the delivery of the additional ownership interest that would
correspond to these companies. Accordingly, on 24 February 2014
they were delivered, with a charge to treasury shares, ownership
interests in Atresmedia Corporación de Medios de Comunicación, S.A.
equal to 2.079% and 1.631% of its share capital, respectively.
As a result of the process to negotiate this agreement and forming a
part thereof, other agreements were reached with Gamp Audiovisual,
S.A. and ImaginaMedia Audiovisual, S.A. consisting of the cancellation
of their proportional part in the financial derivative agreement
described in Note 9 and the definitive conclusion of other matters
relating to the guarantees and obligations included in the merger
agreement entered into for the merger with Gestora de Medios
Audiovisuales la Sexta, S.A. (see Note 15).
The recognition of all these transactions will give rise to an estimated
reduction of EUR 13,631 thousand in the shareholders' equity of the
Company in the financial statements for 2014.
The terms and conditions agreed upon in the integration agreement
relating to Gala Desarrollos Comerciales, S.L. remain unchanged and,
accordingly, it continues to be entitled to receive an additional
ownership interest of 0.508% of the share capital of Atresmedia
Corporación de Medios de Comunicación, S.A., conditional upon the
earnings performance of the Atresmedia Group, as indicated above.
Outlook for theCompany
The main indicators suggest that the improvement in economic
activity will continue in the near future. Although household
