Prisa acquires over 95% of Sogecable

PRISA has acquired over 95% of the share capital of Sogecable, according to the provisional results to be confirmed officially by the National Securities Market Commission.

9th May afternoon the company released an announcement of relevant information in that regard that reads:

Promotora de Informaciones, S.A. (Prisa) announces that subject to the official results of the bid to acquire all of the share capital in Sogecable, S.A., which will be published shortly by the National Securities Market Commission, according to data from the agent bank acceptances received to-date indicate that Prisa has obtained an interest in Sogecable in excess of 95%.

Prisa considers these provisional data to be very satisfactory, since this will facilitate the development of the Group's audiovisual activities with respect to Sogecable.

In that regard, Prisa's directors will shortly evaluate the situation resulting from the bid and, if warranted, assess any possible corporate restructuring operations and disposal of assets, in the terms set forth in Chapter IV of the offer prospectus. As soon as any decisions are taken, they will be made public in an announcement of relevant information.

When questioned by members of the press, PRISA's CEO underscored that in the next few days the company will assess any corporate operations that may derive from the results of the bid, including a possible merger of the companies.

He added that, in his opinion, Grupo PRISA's flexibility and freedom of movement will be increased when entering into alliances and determining possible sales of assets, as well as its strategy for the future, especially in the audiovisual and telecommunications sectors.

"Once all of this process has been concluded -he said-, PRISA will be a more solid company, with better-defined strategies and organization, and financial and commercial structures better suited to its projects for growth in the short and middle term".