Prisa

The company, known as Prisa, put Digital+ on the block earlier this year to reduce the €4.8 billion ($6.1 billion) debt it accumulated in an expansion drive at home and abroad.

Prisa is in talks to sell Digital+ 2008

/PRNewswire-FirstCall/-- Promotora de Informaciones, S.A. ( "Prisa") (MCE: PRS. MC) and Liberty

The Earth Times Online Newspaper 2010

And because the family controlling Prisa faces heavy dilution, Liberty investors get a reasonable price with some downside protection.

Liberty Turns Leader of the SPAC John Jannarone 2010

Prisa may prove an exception because its controlling shareholders know they need Liberty's cash to set the company free.

Liberty Turns Leader of the SPAC John Jannarone 2010

His stake in El País is not his first venture into media: in June, he was party to a 15% stake in Le Monde and held a stake in Media Capital before it was sold to Prisa.

El País saviours are no media moguls Edward Helmore in New York 2010

Assuming the deal goes through and Prisa continues to reduce leverage, net debt will be just 3.5 times Ebitda at the end of next year, he says.

Liberty Turns Leader of the SPAC John Jannarone 2010

Each Liberty share will convert to a mix of cash, Prisa shares, and convertible Prisa bonds.

Liberty Turns Leader of the SPAC John Jannarone 2010

Discounting the value of the convertible's dividend at 10%, Liberty investors essentially pay five times Mr. Singlehurst's expected 2011 earnings for their Prisa shares.

Liberty Turns Leader of the SPAC John Jannarone 2010

Prisa owns the leading Spanish newspaper and broadcast-TV channel, which may win share at the expense of smaller competitors if the market stays soft.

Liberty Turns Leader of the SPAC John Jannarone 2010

Liberty Acquisition Holdings, the largest of the group with a $1 billion IPO in 2007, has proposed a deal giving investors a stake in struggling Spanish media firm Prisa.

Liberty Turns Leader of the SPAC John Jannarone 2010