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The Spanish businessman, Blas Herrero, and a group of investors from Spain, set up a cash proposal to buy Grupo Prisa, owner of Caracol Radio.
The offer, which is open to the participation of current shareholders, and which is advised by Société Générale, indicates that Blas Herrero, of the Kiss group, would acquire all the assets of the firm dedicated to the communications sector.
According to El Mundo, the Group repeatedly denied having received purchase offers. However, the newspaper Expansión managed to confirm that the offer is real and that it remains in place so that Herrero and other investors can control the company that includes brands such as El País, Cinco Días, Cadena Ser, in Spain, and Caracol Radio In colombia.
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It is worth saying that Grupo Prisa is not going through its best moment after the effects of the pandemic caused by the spread of Covid-19, even at the beginning of November, the risk rating agency Moody’s lowered its rating Caa1 (leaving the company in the junk bond category).
“The results between January and September, in line with expectations, have been affected by Covid-19, especially in the Media business,” explained the Group in its most recent results (as of September 2020), in which losses of 209 million euros were disclosed.
It should be remembered that the media firm refinanced its debt until 2025, but in its search for liquidity, Prisa announced an agreement for the sale of Santillana Spain that cost 465 million euros. In addition, the company’s ebitda in September was 82 million euros, compared to 165 million euros in the same period of the previous year.
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According to El Mundo, Since the outbreak of the pandemic, the company has had a negative effect of 166 million euros on Prisa’s income and 119.4 million euros on its ebitda.
(With information from El Mundo)
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