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Telefonica to buy stake in Tuenti

Thu 5th Aug 2010

After their failed attempts at creating their own social networking site, Telefonica are now looking in to buying a stake in Spain's leading network Tuenti. According to El Economista, "Telefonica and Tuenti have been in discussions since spring, but it is only now that negotiations are making some progress."

It is beleived that if the purchase should go ahead as expected, that the overall responsibilty for the running of the site will remain with Tuenti's current management.

Tuenti was launched just 4 years ago and its current value is estimated to be beetween 70 and 80 million euros.

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