Telefonica sells 7.08% stake in El Pais owner Prisa for 34 million euros
Reuters
Published May 19, 2022 03:32AM ET
Updated May 19, 2022 03:56AM ET
MADRID (Reuters) - Spanish telecom firm Telefonica (NYSE:TEF) said on Thursday it agreed to sell a 7.08% stake in the media group Prisa, the publisher of El Pais newspaper, for 34 million euros.
Telefonica agreed to sell the stake with a 17% premium over the closing price on Wednesday to privately held Spanish firm Global Alconaba. Telefonica will retain a 1.95% stake in Prisa, it said in a filing to the stock market regulator.
Prisa, which owns the influential newspaper El Pais, has recently posted a small quarterly profit after posting losses in 2021.
The main shareholder in Prisa is activist fund Amber Capital, led by French investor Joseph Oughourlian, with a 29.84% stake, Refinitiv Eikon information shows.
French media group Vivendi (OTC:VIVHY) holds a 9.94% stake.
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Written By: Reuters
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