MADRID — Spanish media giant Prisa has reached a deal to acquire 12 percent of the US Hispanic television network V-me Media Inc as part of North American expansion plans, it announced Tuesday.
Prisa did not reveal the cost of the deal, which it said "provides for the future takeover" of V-me, the fourth largest U.S. television network targeting the Hispanic marketplace.
"This operation, a first for a Spanish media company in the United States, is part of Prisa expansion plans in North America, and demonstrates its commitment to the audiovisual sector as a strategic area of growth," a statement said.
"Prisa is the perfect partner for V-me," the statement quoted V-me chairman Carmen DiRienzo as saying.
The deal "offers great opportunities to develop new programmes and channels, both domestically and internationally, and to expand and develop brands through Prisa's radio, publishing and broadcast assets."
Prisa owns the Spanish satellite network Digital+, the television channel Cuatro, the country's leading daily newspaper El Pais, the business paper Cinco Dias, sports daily AS, as well as several radio stations in Spain and extensive interests in Latin America.
It has recently sought to sell stakes in key assets as it struggles with a 5.0-billion-euro (7.5-billion-dollar) debt.
Last month it announced a deal to sell up to 35 percent of its shares in its Portuguese subsidiary Media Capital to the Portuguese investment fund Ongoing Strategy Investments.
The same day it announced an agreement in principle to sell 25 percent of its Santillana publishing unit to equity firm DLJ South American Partners.
Copyright © 2009 AFP. All rights reserved.
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