The Board of PRISA approves a refinancing plan for the company

The Board of Directors of PROMOTORA DE INFORMACIONES, S.A. (PRISA), announces today that it has launched a refinancing plan for the Company and has agreed to call an Extraordinary General Shareholders Meeting to give the Board the authority to issue different financial instruments such as convertible bonds, exchangeables, warrants and capital increases amongst others.

Within the framework of this refinancing plan, The Board of Directors also agreed to propose to the Shareholders Meeting the merger via a takeover of SOGECABLE S.A. by PRISA. This is a consequence of the tender offer for SOGECABLE launched in December 2007, which has resulted in PRISA becoming the only shareholder of SOGECABLE.

With both these decisions, together with an eventual disposal of certain assets, PRISA has all the capacity necessary to execute its refinancing plan. This will enable the Group to meet its banking obligations and strengthen the future development of its operations in line with the growth strategy that the group has always pursued.