Prisa confirms Media Capital stake sale blocked

Portuguese regulator blocks Prisa Media Capital stake sale

Spanish media company Prisa confirmed Portuguese antitrust regulators have blocked its planned sale of a stake in affiliate Media Capitalto Portuguese fund Ongoing Investments as a result of competition concerns. Prisa said on Wednesday the deal for a 35 percent stake was stopped as it had not previously sold its stake in Impresia, the controlling company of the second most popular Portuguese television channel and direct competitor to Media Capital. Ongoing Investment had until Wednesday to carry out the acquisition, which would have helped cut Prisa’s debt, currently being restructured, by around EUR 100m. In recent weeks speculation had mounted in the media that Ongoing could have pulled out of the deal, particularly after Prisa’s tie-up with U.S. fund Liberty, which will result in the American fund gaining majority capital control over the Spanish company.

http://www.reuters.com/article/idUSLDE62U12H20100331

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