Prisa CEO to sell minority stakes
By Leah McBride Mensching, Monday 11 February 2008 at 23:10 :: Media Ownership :: #1241 :: rss
Promotora de Informaciones SA (Prisa), will sell minority stakes in its businesses to cut debt and finance expansion, Bloomberg reported Monday.
Prisa CEO Juan Luis Cebrian said the media company will continue what it started in December, when it sold 16 percent of its radio operations to 3iGroup Plc for €225 million, and sell of pieces of its other divisions.
“We don't need to have such dominant stakes in our divisions,” Cebrian told Bloomberg Television.
Madrid-based Prisa, the largest publicly traded media company in Spain, has watched its debt skyrocket to €3 billion in the past two years, a fivefold increase during that time. Debt for the company, which owns flagship newspaper El Pais, will continue to climb as it completes a €2 billion takeover for its Sogecable SA pay-TV unit, Bloomberg reported.
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