LISBON — Spanish media giant Prisa, whose many interests include paybox Canal Plus Espana and national newspaper El Pais, is poised to secure 100% control of one of Portugal’s leading media companies.
RTL announced Friday that it will sell to Prisa its 33% stake in Media Capital, which owns leading private broadcaster TVI. The web commands a 35% share of primetime in Portugal.
Prisa’s takeover bid was announced in October, at a7.40 ($9.60) a share. This followed a put option inked by Prisa with MC’s former owner Miguel Paes de Amaral in 2005.
Prisa has acted now in order to anticipate changes in stock market regulations that would have forced it to make a higher bid.
The final result of the bid will be determined in a special stock exchange session today.
RTL has progressively built up its stake in MC since 2004 and there were rumors that the group was planning a counter bid to Prisa’s offer. But on Friday RTL finance director Elman Hegger said it had decided to sell its stake because it was unable to gain full control of MC.