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8
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.
In June 2015 UTECA (the Public Commercial Television Union), an entity encompassing public
commercial television operators, reached an agreement with the companies that appealed those
resolutions whereby the concessions to operate a public television service were renewed and were
transformed into licences to operate an audiovisual communications service. Due to this
agreement, the companies that made the appeals applied to Chamber Three of the Spanish
Supreme Court to discontinue them. The Chamber has accepted the applications to discontinue the
appeals and ordered the proceedings to be set aside. Accordingly, the eight channels included the
resolutions of the Spanish Cabinet, two of which belonged to Atresmedia, will not be switched off.
The expense incurred in reaching this agreement was recognised in June 2015.
In April 2015 the Spanish Ministry of Industry called a public tender for six licences to operate six
public television channels (three of standard quality and three high definition). A single bidder may
not be allocated more than one licence to operate a standard channel and one licence to operate a
high definition channel. Atresmedia submitted two bids, one for a standard channel and the other
for a high definition channel, which were accepted by the assessment board. As a result of this
tender, on 16 October 2015 the Parent was awarded a licence to broadcast a high definition public
television channel, through which it began to broadcast the Atreseries channel on 22 December
2015. Its TV programming consists of Spanish series (current and old Antena 3 and la Sexta
series), as well as international series, mini-series and films.
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
Gestora de Inversiones Audiovisuales La Sexta, S.A. into Antena 3 de Televisión, S.A., 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.
On 5 October 2012, the Spanish Cabinet also resolved to authorise the transfer of the audiovisual
communication licence held by La Sexta and the assignment for private use of the associated
public radioelectric domain. From that date onwards, the operations of La Sexta are deemed to be
performed for accounting purposes by Atresmedia Corporación de Medios de Comunicación, S.A.
The public deed of merger of Antena 3 de Televisión, S.A. with Gestora de Inversiones
Audiovisuales La Sexta, S.A. was filed at the Madrid Mercantile Registry on 31 October 2012, and
as a result the latter was dissolved and all its assets and liabilities were transferred en bloc to the
former.
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.
The consolidated financial statements of Atresmedia for 2015 were formally prepared by the
directors at the Board of Directors Meeting held on 24 February 2016. The financial statements for
2014 were approved without any changes by the Company's shareholders at the Annual General
Meeting held on 22 April 2015.