Monday, October 26, 2009

Spain's Prisa acquires 12 pct of V-me Hispanic network

MADRID (AFP) - Spanish media giant Prisa has reached a deal to acquire 12 percent of the US Hispanic television network V-me Media Inc as part of North American expansion plans, it announced Tuesday.

Prisa did not reveal the cost of the deal, which it said "provides for the future takeover" of V-me, the fourth largest U.S. television network targeting the Hispanic marketplace.

"This operation, a first for a Spanish media company in the United States, is part of Prisa expansion plans in North America, and demonstrates its commitment to the audiovisual sector as a strategic area of growth," a statement said.

"Prisa is the perfect partner for V-me," the statement quoted V-me chairman Carmen DiRienzo as saying.

The deal "offers great opportunities to develop new programmes and channels, both domestically and internationally, and to expand and develop brands through Prisa's radio, publishing and broadcast assets."

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