Antena 3 and La Sexta in merger agreement

The respective board of directors of Antena 3 and La Sexta have agreed to merge the Spanish broadcasters.

The move completes the integration process that began last month. The merger will see La Sexta shareholders getting 14% of the new entity.

The deal comes a year after Mediaset-owned commercial broadcaster Telecinco acquired smaller rival Cuatro in December 2010.