96 / 148
On 6 May 2014, as a result of the enforcement of the aforementioned judgment of the Spanish
Supreme Court, the channels affected by the decision, three of which are operated by
Atresmedia (Nitro, Xplora and La Sexta 3) ceased to be broadcast, despite having complied
with all the imposed obligations.
The accounting impact of the closure of these channels on the separate and consolidated
financial statements was assessed in accordance with applicable accounting legislation. The
assessment did not disclose the need to recognise liabilities or commitments related to the
closure of the channels, and it was not necessary to recognise any impairment losses or
changes in value in accordance with applicable accounting legislation, except in relation to the
rights to broadcast certain programmes, which has been made impossible due to the closure
of the aforementioned channels, and for which an impairment loss of EUR 3 million was
recognised (see Note 9).
Without prejudice to the aforementioned accounting impact, Atresmedia brought an action for
the damages and losses suffered as a result of the closure of these three channels.
Also, three appeals were filed at Judicial Review Chamber Three of the Spanish Supreme Court
against the resolutions of the Spanish Cabinet of 28 May and 11 June 2010, under which the
concessions to operate a public television service were transformed into licenses to provide an
audiovisual communication service. If these appeals are upheld, another eight digital
terrestrial television channels, two of which belong to Atresmedia, would be required to cease
broadcasting. In this connection, we have also complied with all the obligations imposed on us
for the operation of these channels and, accordingly, we do not expect this closure not to go
ahead. In any event, an estimate was made of the impact of a hypothetical switch-off. This
impact is related to the broadcasting rights that might exist at the date of the judgment and
the deadline for enforcement thereof, and a potential impairment loss of between EUR 6
million and EUR 12 million was estimated.
In September 2014 the Spanish Government approved a new Technical Plan for Digital
Terrestrial Television under which, in addition to the channels currently being broadcast,
frequencies for five additional channels are to be made available which the Government will
allocate by means of a competition, in accordance with the General Audiovisual Law. However,
at the reporting date no further details on this process are known.
The Company is the head of a group of subsidiaries and is obliged under current legislation to
prepare, in addition to its own separate financial statements, the Atresmedia Group’s
consolidated financial statements, which also include its interests in joint ventures and
investments in associates.
In addition, on 14 December 2011 following a resolution by its Board of Directors, Antena 3 de
Televisión, S.A. entered into an agreement with the shareholders of Gestora de Inversiones
Audiovisuales La Sexta, S.A. to merge the two companies, through the merger by absorption
of La Sexta into Antena 3, subject to the obtainment of the relevant authorisations from the
regulatory and competition authorities.
On 25 January 2012, the Board of Directors of Antena 3 de Televisión, S.A. and Gestora de
Inversiones Audiovisuales La Sexta, S.A. approved the draft terms for the merger of the two
companies.
The shareholders at the Annual General Meeting held on 25 April 2012 approved the merger
involving the absorption by Antena 3 de Televisión, S.A. (absorbing company) of Gestora de
Inversiones Audiovisuales La Sexta, S.A. under the draft terms of merger filed with the Madrid
Mercantile Registry on 7 February 2012.
The merger was authorised by the Spanish anti-trust authorities on 24 August 2012, by virtue
of a resolution adopted by the Spanish Cabinet on the same date.