Spanish media group aims to cut debt

Spanish media group Prisa wants to cut debt by selling some or all of Sogecable’s pay TV business, Digital Plus, CEO Juan Luis Cebrian said on Thursday, confirming speculation.

Prisa will ask Spain’s stock market regulator CNMV to suspend trading in Sogecable after June 6.

Last week, Prisa said it held almost 97.71% of Sogecable after the completion of its full bid for the company at e28 ($44) per share. Prisa will exercise a squeeze-out bid for the 2.29% of Sogecable it doesn’t hold.

In a separate statement, Prisa did not rule out seeking financing in the market.

Prisa may also end up keeping the pay TV unit, Cebrian added, valued by brokerage UBS at about $4.73 billion.

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