Prisa to become more proactive after Liberty deal

Prisa’s 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 company’s debt should be reduced to €3.3bn later this year after asset sales and cash injections are complete. The media group will receive a cash injection of €600m 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.