CONFORMED COPY

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

 

For the month of March, 2007

Commission File Number: 001-09531

 

Telefónica, S.A.

(Translation of registrant's name into English)

Gran Vía, 28

28013 Madrid, Spain

3491-459-3050

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F

X

  

Form 40-F

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes

   

No

X

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes

   

No

X

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes

   

No

X

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A

 

 

 

Telefónica, S.A.

 

TABLE OF CONTENTS

 

Item

  

Sequential Page Number
     

1.

Possible divestiture of the stake in Endemol

3
     
     

 

 

 

 

 

 

 

 

 

 

TELEFÓNICA, S.A., as provided in article 82 of the Spanish Stock Market Act (Ley del Mercado de Valores), hereby reports the following

 

SIGNIFICANT EVENT

 

TELEFÓNICA announces that it is exploring strategic alternatives in relation to its stake in ENDEMOL N.V., including a possible total or partial divestiture of its stake in that company. To that effect, TELEFÓNICA has retained LEHMAN BROTHERS as its financial advisor and, additionally, has asked MERRILL LYNCH to offer stapled financing to the purchaser within the context of an eventual transaction.


If TELEFÓNICA were to decide to divest its 75% stake in ENDEMOL N.V., it is its intention to solicit from the potential purchaser a public offer for the other 25% of the shares outstanding in ENDEMOL N.V.

 

Madrid, March 9th, 2007

 

 

 

 

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

   

Telefónica, S.A.

Date:

March 9th, 2007

  

By:

/s/ Ramiro Sánchez de Lerín García- Ovies
       

Name:

Ramiro Sánchez de Lerín García- Ovies
       

Title:

General Secretary and Secretary to the Board of Directors