PRISA shares halted on reports of bid for media assets (updated)
19/11/2020 10:56
(Adds details, debt, shareholders)
MADRID, Nov 19 (Reuters) - Trading in Spanish media firm
PRISA's shares was halted on Thursday after reports that
investors led by businessman Blas Herrero are planning an offer
for its media assets.
Spain's CNMV regulator said that it had suspended PRISA's
shares "due to circumstances that could disturb the orderly
course of transactions", without giving any detail.
El Confidencial and Expansion reported that Blas Herrero,
who owns radio station Kiss FM, and unidentified Spanish
partners, are planning to offer more than 200 million euros
($236 million) in cash to buy PRISA's newspapers and radio
stations, which include the influential El Pais daily.
A PRISA PRISA.MC spokesman declined to comment, while
Herrero did not return a phone call seeking comment.
With net debt of 1.1 billion euros at the end of September,
PRISA is suffering from dwindling spending on traditional media
advertising, which was exacerbated by the coronavirus pandemic.
PRISA, which has a market capitalisation of around 510
million euros, also owns Cadena Ser radio station and Cinco Dias
financial newspaper.
After recently restructuring its debt, PRISA announced last
month the sale of education editorial group Santillana to
Finnish group Sanoma Corporation SAA1V.HE , for 465 million
euros. urn:newsml:reuters.com:*:nFWN2HR0UC urn:newsml:reuters.com:*:nL8N2HA17Y
PRISA's main shareholders are activist fund Amber Capital
with 29.84%, HSBC and Telefonica TEF.MC , both with 9%, and
Santander and Mexican billionaire Carlos Slim's Grupo Carso
GCARSOA1.MX , both with around 4%.
In the first nine months of the year, PRISA's net loss
widened to 209 million euros from 110 million euros in the same
period a year ago. Its shares closed at 0.719 euros on
Wednesday.
($1 = 0.8459 euros)
(Reporting by Emma Pinedo and Jose Elias Rodriguez, aditional
reporting by Belen Carreño; Editing by Inti Landauro, Kim
Coghill and Alexander Smith)
((emma.pinedo@thomsonreuters.com; 918 35 68 34; Reuters
Messaging: emma.pinedo.thomsonreuters.com@reuters.net))