Renta 4 | The company has announced the launch of its second national free-to-air television channel, which will be available from 1 January 2026 and will be distributed via DTT with national coverage. The channel will offer high-quality fiction content and will also be available on the main Spanish television platforms. This launch follows the opening this year of the Squirrel TV channel, which replaced the Disney Channel
The company will use one of the two broadcasting services operated by Net TV, a company in which Squirrel has a 75% stake and whose DTT licence has been renewed until 2040, for this channel, thus reinforcing the Group’s regulatory stability and distribution capacity.
Assessment: positive. The launch of a second national channel is fully in line with Squirrel’s thesis, where we highlighted the high strategic value of the Network division as a lever for direct monetisation of the already amortised catalogue and as a feedback tool for the flywheel model.
We reiterate our OVERWEIGHT recommendation (P.O. 3.50 eur/share).
