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 Â660m 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.
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