MADRID (Reuters) – Telefonica (NYSE:TEF) said on Thursday that it has agreed to sell a 7.08 percent ownership in Prisa, the media company that publishes El Pais, for 34 million euros.
Telefonica agreed to sell the share to privately owned Spanish business Global Alconaba for a 17 percent premium over Wednesday’s closing price. Telefonica will keep a 1.95 percent ownership in Prisa, the company said in a regulatory filing.
The important daily El Pais is owned by Prisa, which just made a minor quarterly profit after suffering losses in 2021.
According to data from Refinitiv Eikon, the largest stakeholder in Prisa is activist fund Amber Capital, headed by French investor Joseph Oughourlian, with a 29.84% holding.
The French media conglomerate Vivendi (OTC:VIVHY) owns 9.94 percent of the company.
