Telefonica SA (TEF) said Wednesday it has agreed to buy a 21% stake in Spanish media group Promotora de Informaciones SA's (PRS.MC) pay TV unit Digital+, as Spain's biggest telecom company moves to expand its control of pay TV.

Telefonica said the deal was for a total of EUR470 million and includes canceling EUR230 million in debt Prisa owed Telefonica.

via UPDATE: Telefonica Buys Digital+ Stake To Strengthen Pay TV – WSJ.com.