Prisa sets focus on LATAM after Canal+ sale
DetailsJuan Fernandez Gonzalez | 24 April 2015
Spanish media company Prisa breathed a sigh of relief after the Comisión Nacional de los Mercados y de la Competencia (CNMC) gave the go-ahead to the sale of Canal+ to Telefónica, and says it is now free to focus on other business interests in Latin America.
From being one of the largest players on the Spanish media scene, publisher of the largest newspaper, El País, producer of the most followed radio station, Cadena SER, and owner of the most watched pay-TV platform, Canal+, Prisa has had numerous problems over recent years which have driven the company to part with all of its TV businesses.
With a 56% stake in Canal+ sold to Telefónica for €725 million, Prisa now has no TV interests in Spain, and will now concentrate on its strategy to redirect to other businesses in Latin America.
"The company positively values the CNMC's resolution, as it will allow the company to focus on education and information business, with a special focus on growing across Latin America," said Prisa. Latin America has been Prisa's main goal in recent years, as the region has been generating more profit than its Spanish operations since 2013.
According to the media company, the CNMC's decision will enable Telefónica and Prisa to complete the buyout process within weeks.
The CNMC made its decision public yesterday (23 April) after almost a year of considering the consequences the resultant company may have on competition within the pay-TV market.