Spanish media conglomerate Grupo Prisa has revealed that it plans to float between 20-25% of its shares in June.
"Prisa will grow stronger, be in better condition to preserve its independence and attract necessary resources to embark on new projects," Prisa president Jesus de Polanco said at a shareholders' meeting on Thursday (April 13).
Prisa has recently been ramping up its software activities by absorbing giant publishing house Grupo Santillana and launching a latino record label Gran Via Musical with Universal Music. The company is also building up its presence in the Latin American Internet market through new subsidiary Prisa.com.
Polanco's words hint at an intention to build up Prisa to compete with larger rival Telefonica and its heavyweight audiovisual subsidiary Telefonica Media (TM). Prisa's media subsidiary Sogecable already competes directly with TM through the two companies' respective digital satellite platforms Canal Satelite Digital (CSD) and Via Digital, and film production houses, Sogetel and Lolafilms.
Also at Thursday's meeting, Prisa CEO Juan Luis Cebrian presented Prisa's official year-end financial results, which included a 73% growth in the group's consolidated net earnings to $89m (PTS14.2m). Sogecable posted a 36.5% reduction in losses thanks to a revaluation of its stocks by 85% since its July flotation.