Telefonica Action, of quarterly periodicity, is the magazine for the shareholders of Telefónica, with contents about the economic results and news that the company generates, as well as interviews, reports and other of quality of life, trips and agenda. It includes a special booklet with the economic and financial information addressed to its shareholders, as well as the news generated by the company throughout the quarter. The 68 pages of the magazine are, thus, a communication tool between the company and the shareholders, in which singular contents are offered with an informative focus in areas of strategic interest for Telefónica, with special focus on innovation, entrepreneurship, education, telecommunications, leisure and new technologies. The contents are developed through reports, interviews and news. Acción Telefónica is also a channel of loyalty of the shareholders through the pages of offers, which include advantages in the contracting of some services or the purchase of certain products.