MADRID, Spain (AP) _ Spanish telecommunications company Telefonica has reached an agreement to buy the Dutch company Endemol Entertainment Holding, one of Europe's biggest television production concerns, for about $5.3 billion in stock.

The deal announced Friday is subject to approval by Telefonica shareholders at a meeting April 6, but is expected to be completed by June 15.

Telefonica said Endemol will become a major provider or programming and other content for Telefonica's broadcasting, Internet and mobile telephone outlets.

Under terms of the deal, Telefonica said it would be offering 5.58 new Telefonica shares in exchange for each Endemol share.

Telefonica is the largest supplier of telecommunications services in the Spanish and Portuguese speaking world with operations in 17 countries and over 62 million customers.

Endemol is one of the largest entertainment companies in Europe with joint ventures and subsidiaries in 15 countries. It owns a library of over 400 television programs and creates about 100 new programs each year.

Endemol will become a separate division within the Telefonica group and will maintain its name.