MADRID — Profits at top Spanish media group Prisa were Pta 13.6 billion ($72 million) — up 16% — for the first nine months of the year.
Revenues for the period ended Sept. 30 rose 114% to $745 million, partly due to the incorporation of the Santillana publishing house into the group. Prisa’s daily newspaper El Pais also saw a healthy 25% hike in advertising sales.
Some of Prisa’s cash surplus is likely to be channeled into funding international expansion. This week Prisa said it will invest $10 million in three companies to be co-owned by Garafulic, Bolivia’s leading communications group, to expand their joint activities in TV, publishing and Internet.
Prisa is the managing shareholder of film and TV conglom Sogecable, a joint venture with Canal Plus in France. Both hold 21% stakes in Sogecable.