Media distribution alliance solidified
MADRID — U.S. retail media company Instore Broadcasting Network will acquire a 4.5% stake in Spanish media company Prisa.Deal is worth E37 million ($52.9 million) at Prisa’s present stock value and gives IBN the option to buy more Prisa stock. The transaction is part of a strategic alliance between IBN and Prisa that creates 50-50 joint venture Prisa IBN Intl. to develop media distribution — music, vid content and advertising — in stores and supermarkets in Spain and Latin America. Deal was announced Friday by Prisa in a note sent to Spain’s stock market regulator, the Comision Nacional del Mercado de Valores. The IBN equity deal brings Prisa some fiscal relief. Owner of satcaster Digital Plus, broadcaster Cuatro and Portuguese holding company Media Capital, the Spanish conglom has $7.15 billion in debt. Salt Lake City-based IBN said its programming is heard by more than 150 million unique shoppers every month in Stateside grocery and drug chains including Kroger, SuperValu and Safeway.