22
5.2Consideration transferred
The business combination considerationwas estimated at the fair value (market price at closing on
5 October 2012) of the shares delivered to the shareholders of Gestora de Inversiones
Audiovisuales La Sexta, S.A. (a total of 15,801,296 shares representing 7% of the Company's
share capital and delivered as a result of the capital increase described in Note 14) and at the fair
value of the shares subject to deferred delivery, calculated on the basis of the forward price of the
shares of Atresmedia Corporación de Medios de Comunicación, S.A. at that date, taking into
account a 0.90% IRS rate and in accordance withmanagement's estimate of the profit for 2012 to
2016 in order to estimate the time of delivery.
The fair value of the consideration transferred in the business combination amounted to EUR
95,893 thousand. The breakdown of this amount is as follows:
Thousands
of euros
7% ownership interest in the share capital
53,250
Deferred delivery of shares
42,643
Total consideration transferred
95,893
In order to enable the shareholders of La Sexta to receive a number of Atresmedia shares that is
proportional to their respective ownership interests in La Sexta, Atresmedia increased its share
capital through the creation of newly issued shares and the delivery of treasury shares.
Additionally, Atresmedia agreed to grant La Sexta shareholders an additional ownership interest of
15,818,704 Atresmedia shares representing 7% of its share capital, although the delivery thereof
is conditional upon the earnings of the Atresmedia Group from 2012 to 2016. The delivery of these
additional shares would be carried out in full through treasury shares of Atresmedia and, therefore,
would not constitute an additional issue (see Note 14.2).
On 19 February 2014, the Company arranged the partial novation of this agreement and amended
the content thereof with respect to two of the three former shareholders of La Sexta (see Note
23).
