3i becomes new partner of PRISA and Godó in Unión Radio

Unión Radio has formalized the agreement signed on December 19th by means of which the capital risk fund 3i enters in its shareholder' structure, carried out through a share purchase and an increase in share capital. Unión Radio owns 100% of SER and 100% of Grupo Latino de Radio (GLR), which manages more than 1,250 radio stations within Spain and Latin America.

Initially, 3i acquires a 6.5% stake of Unión Radio's share capital, amounting to €78.4 million, out of which €62.7 million correspond to PRISA and € 15.6 million to Grupo Godó. 3i has also subscribed for an increase in share capital amounting to € 21.6 million. Therefore, it has obtained 8.14% stake of Unión Radio's capital.

As a result of this, capital share is structured as follows: PRISA, 73.49%; Grupo Godó, 18.37%; and 3i, 8.14%.

3i will increase its stake in Unión Radio up to 16.63% by means of consecutive capital increase processes amounting to € 125 million, to complete a total investment of € 225 million.

The admission of this new partner will keep Unión Radio development in Latin

America and it will allow an expansion plan of the Spanish speaking market in the United States. Therefore, there is a possibility to make Unión Radio public, either in Spain or in the United States, in the medium term. Unión Radio is valued over € 1,300 million.

Chairmen of PRISA and Godó, Ignacio Polanco and Javier de Godó, PRISA'S Chief Executive Officer, Juan Luis Cebrián; Unión Radio's CEO, Augusto Delkader, and Maite Ballester, 3i partner, attended to the signature in Madrid.

The British company 3i leads investment in capital risk worldwide. It is listed at FTSE 100 with a market capitalization that amounts to € 5.000 million and it manages € 10,000 million funds as of September, 2007. Its purpose is to provide resources to the companies in which it invests, without an aim of permanence, in order to increase its value and to render profitable such investments. 3i has a large experience in IPOs and it has successfully supported more than 900 companies in eight countries. It owns a wide international network and a portfolio in the communication's media sector valued at over €600 million.

Unión Radio is the largest broadcasting Spanish speaking group with more than 22 million listeners. It owns more than 1,250 radio stations, both owned and associated, shared out through Spain, United States, Mexico, Colombia, Costa Rica, Panama, Argentina and Chile.

In Spain, Unión Radio runs Cadena SER, the outright audience leader both in talk programmes and musical formulas (40 Principales, Cadena Dial, M-80, Radiolé and Máxima FM). In the United States, Unión Radio has broadcasters in Los Ángeles and Miami. In the latter, the company is the leading radio broadcaster for the Spanish inhabitants. Furthermore, it owns GLR Networks, which produces and distributes programmes and commercials and has close to 130 affiliated radio stations.

In Mexico, Unión Radio operates through Radiópolis, which is half owned by Televisa and managed by Unión Radio. Radiópolis has three core programming areas: W Radio for spoken word programmes, Bésame and 40 Principales.

These global programming formats are also broadcasted in Panama, Costa Rica, Chile, Argentina and Colombia.

Radio Caracol is the leading radio station in Colombia and one of the most prestigious stations in Latin America; it is also a fundamental pillar for Unión Radio in this market. Caracol produces and distributes up to ten programming areas through different formats of music and talk radio.

Since 2007, Unión Radio owns, through the subsidiary GLR, the biggest wireless station in Chile, Iberoamericana Radio Chile, which operates through

140 own radio stations with eight different formats. Six out of them stand among the first ten formats of the Chilean general ranking.