By Adria Calatayud

Spain's National Commission on Markets and Competition said Thursday that it has started disciplinary proceedings against Telefonica over an agreement with streaming platform Dazn for rights to broadcast Formula 1 motor racing.

The competition authority said the launch of the investigation is part of its work to verify that the Spanish telecommunications company complies with commitments it made in 2015 when it acquired media company DTS.

The proceedings relate to an agreement under which Telefonica sublicensed exclusive rights it had previously acquired to broadcast Formula 1 races for the 2021, 2022 and 2023 seasons to Dazn, the commission said.

The commission said it has three months to conduct an investigation and reach a decision.

Telefonica didn't immediately respond to a request for comment.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

May 04, 2023 06:06 ET (10:06 GMT)

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