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IBN to take stake in Prisa

US music and advertising group Instore Broadcasting Network (IBN)’s investment unit Talos Partners is in talks to acquire a minimum 4.5% stake in troubled Spanish media group Prisa, owner of pay-TV company Sogecable, for about €37m, according to press reports.

The deal is part of a strategic partnership that will see the creation of a joint venture to develop media distribution in retail outlets and supermarkets in Spain and Latin America. Prisa’s shares rose by over 12% on the news on Friday.