[6-K] TELEFONICA S A Current Report (Foreign Issuer)

Rhea-AI Filing Summary

Telefónica, S.A. reports that its subsidiary Telefónica Audiovisual Digital, S.A.U. has been provisionally awarded exclusive pay‑TV broadcasting rights in Spain for five matches per matchday of LaLiga’s Primera División. Telefónica will hold the first pick in 19 matchdays each season, including the second‑round “El Clásico”, under Option D, Package D.1.

The award covers the 2027/2028 to 2031/2032 seasons for a total of €2,635.85 million, averaging €527.17 million per season. Telefónica plans to ensure that Movistar Plus+ customers continue to have access to 100% of LaLiga matches, alongside European competitions for which it already holds rights until 2031. The award remains subject to a definitive agreement with LaLiga on the remaining tender terms within up to 30 working days from the provisional award.

Insights

Telecom & media analyst

Telefónica secures long-term LaLiga rights with a sizable multi-season fee.

Telefónica has been provisionally awarded exclusive pay‑TV rights in Spain to five LaLiga Primera División matches per matchday, including the first pick in 19 matchdays and the second‑round El Clásico. The contract spans the 2027/2028 to 2031/2032 seasons for a total of €2,635.85 million, or €527.17 million per season.

The deal helps anchor Movistar Plus+ as a key football platform in Spain, as the company intends to maintain access for its customers to 100% of LaLiga matches and to European competitions already secured until 2031. The economics will depend on how subscription revenue and customer retention balance against the multi‑year rights cost.

The agreement is currently provisional and is subject to execution of a definitive contract with LaLiga on the remaining tender terms within up to 30 working days from the provisional award on November 28, 2025. Subsequent disclosures may provide more detail on commercial structure and any sublicensing or distribution arrangements.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November, 2025

Commission File Number: 001-09531

Telefónica, S.A.

(Translation of registrant's name into English)

Distrito Telefónica, Ronda de la Comunicación s/n,

28050 Madrid, Spain

+34 91-482 87 00

(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

Telefónica, S.A.

TABLE OF CONTENTS

Item						Sequential Page Number
1.			Telefónica has been provisionally awarded exclusive broadcasting rights for the Primera División			2

TELEFÓNICA, S.A., in accordance with the provisions of stock market legislation, communicates the following:

OTHER RELEVANT INFORMATION

Today, November 28, 2025, Telefónica Audiovisual Digital, S.A.U. ("Telefónica") has been provisionally awarded exclusive broadcasting rights of five (5) matches per matchday of the Campeonato Nacional de Liga de Primera División (“LaLiga”), for pay television in the residential market, in Spain. Telefónica will have the 1st pick in 19 matchdays of each season, including "El Clásico" of the second round (Option D, Package D.1).

The award includes 2027/2028, 2028/2029, 2029/2030, 2030/2031 and 2031/32 seasons.

The award has been made at a total amount of 2,635.85 million euros at an average price of 527.17 million euros for each of the seasons.

Telefónica will take the necessary steps so that Movistar Plus+ customers continue to access to 100% of LaLiga matches and thus be able to enjoy the entire football offer, which also includes the European competitions recently awarded to Telefónica until 2031.

The award is subject to the execution of an agreement between Telefónica and LaLiga with the remaining terms and requirements established in LaLiga tender, with a period of up to 30 working days from the provisional award.

In Madrid, on 28 November 2025.

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:

November 28, 2025

By:

/s/ Pablo de Carvajal González

Name:

Pablo de Carvajal González

Title:

Secretary to the Board of Directors

FAQ

What broadcasting rights has Telefónica (TEF) been awarded for LaLiga?

Telefónica Audiovisual Digital, S.A.U. has been provisionally awarded exclusive pay‑TV broadcasting rights in Spain for five matches per matchday of LaLiga’s Primera División in the residential market, with the first pick in 19 matchdays each season including the second‑round El Clásico.

For which seasons does Telefónica (TEF) hold the provisional LaLiga rights?

The provisional award covers five seasons of LaLiga’s Primera División: 2027/2028, 2028/2029, 2029/2030, 2030/2031 and 2031/2032.

How much will Telefónica pay for the newly awarded LaLiga rights?

Telefónica states that the LaLiga rights have been awarded for a total amount of €2,635.85 million, corresponding to an average price of €527.17 million per season across the five seasons.

Will Movistar Plus+ customers continue to see all LaLiga matches under this Telefónica deal?

Telefónica indicates it will take the necessary steps so that Movistar Plus+ customers continue to access 100% of LaLiga matches, alongside the European competitions whose rights have been awarded to Telefónica until 2031.

Is Telefónica’s LaLiga broadcasting agreement already final?

The award is currently provisional and is subject to execution of an agreement between Telefónica and LaLiga on the remaining tender terms and requirements, within a period of up to 30 working days from the provisional award on November 28, 2025.

What specific LaLiga content package did Telefónica (TEF) secure?

Telefónica has been provisionally awarded Option D, Package D.1, which grants exclusive pay‑TV rights in Spain to five matches per matchday, including the first pick in 19 matchdays per season and the second‑round El Clásico.