Monday, March 8, 2010

Grupo Prisa and Liberty Acquisition Holdings Announce Deal to Drive Prisa Digital, Latin America Growth

MADRID, Spain & NEW YORK, Mar 05, 2010 (BUSINESS WIRE) -- Grupo Prisa (MCE: PRS.MC) and Liberty Acquisition Holdings Corp. (NYSE AMEX: LIA, LIA.U, LIA.WS) today announced a combination of the two companies and a rights issue reserved for current Prisa shareholders by Grupo Prisa, resulting in a cash infusion of up to $900 million in Prisa. Grupo Prisa is the leading Spanish and Portuguese-language media group whose interests include news, entertainment, education and digital enterprises in Spain, Portugal, Brazil and Hispanic Latin America.

"Liberty's investment in Prisa demonstrates their strong belief in the underlying value of Grupo Prisa's market-leading positions in educational publishing, press, audiovisual and digital, and in our strategy for growth," said Grupo Prisa Chairman of the Board Ignacio Polanco.

"The combination with Liberty will allow Prisa to optimize the deleveraging of its balance sheet, and will facilitate the completion of previously announced asset sales," said Grupo Prisa Chief Executive Officer Juan Luis Cebrian. "As a result of the transaction and of the EUR150 million rights issue offered to our current shareholders, Prisa believes it will emerge in a stronger position to pursue growth opportunities in its core businesses in Spanish and Portuguese-speaking markets around the world."

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