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PRISA approves merger with Liberty Acquisition

November 30, 2010 by Veronica Villafañe

 

The board of directors of Spanish media conglomerate Promotora de Informaciones, S.A. (Grupo PRISA), has approved a plan to merge with Liberty Acquisition Holdings Corp, a NY-based investment fund. The share swap deal injects $868 million in cash into PRISA, and turns Liberty investors into PRISA shareholders. The Spanish company also joins the New York Stock Exchange.

According to Variety, PRISA’s new board of directors will include Liberty co-founders Nicolas Berggruen and Martin E. Franklin and former Mexican President Ernesto Zedillo. The stake owned by the Polanco family (PRISA’s founders) drops to 30 from 70%.

PRISA, which was carrying a heavy debt load, owns several newspapers, magazines, radio and TV stations in Spain, Portugal, Latin America and the U.S. Among its assets: El Pais newspaper, Caracol Radio in Colombia, Radio Continental in Argentina, and W Radio in the U.S.

Filed Under: People

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Veronica Villafañe, Editor & Publisher

Emmy award-winning journalist and former president of the National Association of Hispanic Journalists (NAHJ). Most recently, a reporter for Voice of America, she has worked as an on-air reporter, anchor, writer and producer for Spanish and English-language TV, print and online media, including Univision, Telemundo, Fox 11 News in L.A. and the San Jose Mercury News.

She is also a Hispanic media and entertainment contributor to Forbes.

Full bio here
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