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foreseeable increases in employment and a decrease in the rate of unemployment. It is true
that domestic and international scenarios have recently become more uncertain, which must
be taken into consideration when drawing up plans or setting targets for 2016.
Based on this favourable economic performance, the outlook for the advertising market is also
clearly positive. In the main scenario, advertising will continue to grow at a good pace both as
a whole and in the markets in which the Group is most active: television, radio and Internet.
Accordingly, the core activities of television and radio will hopefully continue along the path of
growth seen over the last two years. The maintenance of cost control will continue to be a
basic management objective and, therefore, expenditure will remain close to current levels
despite having more channels than in 2015 (6 as opposed to 4.5).
Moreover, the risk control policy applied in recent years will continue. In this regard, the
business opportunities that may arise or that are sought by the Group to increase its value
will be exploited to the maximum, although care will be taken not to endanger the Group's
financial equilibrium. All the foregoing will be completed by the habitual shareholder
remuneration policy of recent years.
Research and development activities
The Group does not itself carry on any specific research and development activities. However,
it invests, on an ongoing basis, in all new technologies related to engineering, systems and
content distribution. In this field Atresmedia Corporación de Medios de Comunicación, S.A.
has and uses state-of-the-art technology, which enables it to be at the forefront in the
deployment of digital activities and in the Internet.
Treasury share acquisitions
Pursuant to the partial novation of the integration agreement entered into on 14 December
2011, which definitively concluded a series of matters related to the guarantee and
commitment regime of the initial integration agreement for the merger with Gestora de
Medios Audiovisuales la Sexta, S.A., the Parent delivered to the shareholders Imagina Media
Audiovisual, S.L. and Mediapro Contenidos, S.L. (Sole-Shareholder Company) an additional
ownership interest equal to 0.248% of the Parent's share capital, i.e. a total of 558,957
shares. Also, Gala Desarrollos Comerciales, S.L. received 355,856 shares, equal to 0.158% of
the share capital.
In order to fulfil outstanding obligations to Gala Desarrollos Comerciales, S.L. in relation to the
integration agreement entered with Gestora de Medios Audiovisuales la Sexta, S.A., in 2015
558,957 treasury shares were acquired for EUR 7,215 thousand.
As a result of the aforementioned transactions, the number of treasury shares in the Parent's
balance sheet is 789,738, equal to 0.350% of the share capital.