Prisas decision to sell 50% of its shares to investment outfit Liberty Acquisitions will transform the media group into a proactive company that is more focussed on financial markets, according to CEO Juan Luis Cebrian.
Cebrian told reporters that the companyÂs debt should be reduced to Â3.3bn later this year after asset sales and cash injections are complete. The media group will receive a cash injection of Â600m from the Liberty deal and this, along with a rights issue, will reduce the stake held by company founders the Polanco family to around 30% from 70%.
Cebrian also said the company planned to better focus its advertising efforts towards consumers, and offer its advertisers more sophisticated products.
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