FILE PHOTO: The Prisa logo is displayed on a banner during its shareholders’ meeting in Madrid, Spain, April 1, 2016. REUTERS/Andrea Comas
MADRID (Reuters) – Spanish telecommunications company Telefonica said on Thursday it had agreed to sell a 7.08% stake in media group Prisa, publisher of daily El Pais, for 34 million euros.
Telefónica agreed to sell the stake at a 17% premium over Wednesday’s closing price to private Spanish company Global Alconaba. Telefónica will maintain a 1.95% stake in Prisa, as reported in a statement to the stock market regulator.
Prisa, owner of the influential newspaper El País, has recently made a small quarterly profit after posting losses in 2021.
Prisa’s main shareholder is the activist fund Amber Capital, led by French investor Joseph Oughourlian, with a 29.84% stake, according to information from Refinitiv Eikon.
French media group Vivendi has a 9.94% stake.
(Reporting by Inti Landauro and Christina Thykjaer; editing by Edmund Blair; translation by Flora Gomez)