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Article: Spanish media group Prisa bids to buy out its Sogecable unit
- Article from:
- AP Worldstream
- Article date:
- December 20, 2007
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Spanish media group Promotora de Informaciones SA, or Prisa, said Thursday it plans to launch a buyout bid for its TV-broadcasting unit Sogecable, in a move that many see as a first step to a wider restructuring of the Spanish media industry.
In a filing with the Spanish stock market regulator, Prisa said it will offer euro27.98 (US$40.25) per Sogecable share, valuing the company at euro3.9 billion (US$5.61 billion). Prisa already owns a 47 percent stake.
Prisa said the bid wasn't subject to conditions and the deal would be finalized within a month. Prisa also said it intended to keep Sogecable listed on the Spanish stock market.
Sogecable, founded by Prisa in 1989, ...