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Prisa in advanced talks to sell Media Capital stake

Spanish media group Prisa is in talks to sell over 30% of its stake in Portuguese media outfit Media Capital to investment company Ongoing Strategy, according to Portuguese press reports.

Ongoing Strategy is Portugal Telecom’s fifth-biggest shareholder and the second-largest investor in Media Capital’s rival Impresa. According to reports, the negotiations between Ongoing and Prisa developed following Portugal Telecom’s failed attempt to acquire the 30%.