Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Telefonica sells 7.08% stake in El Pais owner Prisa for 34 million euros

Published 05/19/2022, 03:32 AM
Updated 05/19/2022, 03:56 AM
© Reuters. FILE PHOTO: The logo of Spanish Telecom company Telefonica is seen at its headquarters in Barcelona, Spain, May 12, 2022. REUTERS/Nacho Doce

© Reuters. FILE PHOTO: The logo of Spanish Telecom company Telefonica is seen at its headquarters in Barcelona, Spain, May 12, 2022. REUTERS/Nacho Doce

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.

© Reuters. FILE PHOTO: The logo of Spanish Telecom company Telefonica is seen at its headquarters in Barcelona, Spain, May 12, 2022. REUTERS/Nacho Doce

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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.