Prisa merger sees €660m cash boost

Spanish media outfit Prisa is to merge with US-based investment company Liberty Acquisition Holding as part of a deal that will see it receive a €660m cash injection.

The move will also see Prisa, which operates Spanish pay-TV operator Digital Plus and commercial broadcaster Cuatro, float on the New York Stock Exchange. Prisa’s current owners the Polanco family will see their stake halve from 70% to 35% as part of the arrangement, which is expected to close over the next few months.

Prisa sold a 20% stake in Digital Plus to Spanish telco Telefonica in November and also sold a 22% stake in Digital Plus and a majority stake in its free-to-air network Cuatro to Spanish broadcaster Telecinco in December so that it could pay down its debts.