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Prisa profits up amid new investments

Revs soar to $1.01 billion

MADRID — Blue-chip Spanish media group Prisa, the 21% managing shareholder of film and TV conglom Sogecable, recorded consolidated net profits for 2000 of Pta15.4 billion ($84.7 million), up 8.2% from 1999.

Revenues escalated 95% to $1.01 billion, owing to the incorporation into Prisa of new companies such as publishing group Santillana and increased sales at Spain’s most-read daily newspaper, El Pais, and radio network Cadena Ser.

Prisa’s performance is particularly impressive given that new investments over 2000 ran to an estimated $313.2 million. The year was marked by Prisa’s move into the international market independently of Sogecable, a joint venture with Canal Plus in France.

Overseas expansion was led by new Latino record label Gran Via Musical, a Miami-based joint venture with the Universal Music Group. In January, Prisa announced the creation of Plural, a film and TV production company targeting Latin America and the Spanish-speaking U.S.

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