ABSTRACT
This chapter addresses how Telefonica has become one of the most important global telecommunication and media companies, particularly in the Spanish and Portuguese markets, by providing a historical background to understand the formation and transformation of this company. Then, it argues that Telefonica's growth and geographical expansion in the last 25 to 30 years has been possible due to the international political and economic shift in which neoliberal ideas have influenced most of the world. Telefonica's structure and its various services and products are also discussed as a way to understand its diversification and global partnerships. Telefonica has long since stopped being solely a 'telephone company', and it deserves close and serious attention as it undoubtedly participates in shaping culture and cultural consumption. The chapter points at recent economic, cultural, and social activities that make the Telefonica Group a global player in the telecommunication and media arenas.
