Telefonica buys most of social network site Tuenti

MADRID Wed Aug 4, 2010 7:40am EDT

MADRID Aug 4 (Reuters) - Spanish telecoms giant Telefonica (TEF.MC) said on Wednesday it had taken a stake in Spain's largest social networking website, Tuenti, allowing it greater access to a key area for business development ideas.

A source familiar with the agreement said Telefonica had take an 85 percent stake for 70 million euros ($93 million).

Telefonica, which did not provide financial details, said it would maintain the same management team at Spain's busiest website in terms of traffic. Tuenti is primarily aimed at young people between 14 and 25 years old. ($1=.7559 euros) (Reporting by Elisabeth O'Leary; Editing by Greg Mahlich)

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