Keeping in mind recent industry trends such as digitalization and audience fragmentation, we would liketo examine the transformation of television companies in the new digital context. Specifically, we wouldlike to compare two leading audiovisual companies in Italy and Spain, Mediaset and Antena 3, highlightinghow their multiplatform strategies have impacted the core business. Historically, they have both beenimportant players in the audiovisual market, not only in their own countries but in the internationalscenario as well. An exploratory investigation, based on analysis of reports and financial statements forthese audiovisual companies, and interviews with the key executives to contrast the information, wascarried out during 2010 and 2012.