MADRID (Reuters) – French media company Vivendi on Friday said it had agreed to buy a 7.6% stake in rival Spanish Prisa, putting shares in Spanish newspaper owner El Pais up 10% at the opening .
“Buying shares in Prisa is part of Vivendi’s ongoing strategy to become a global leader in content, media and communications, while at the same time expanding its reach to the Spanish markets,” he said. the French agency in a statement.
The purchase came as HSBC has agreed to sell its 7.89% stake for 52 million euros ($ 63.21 million) in Spanish media group, which also owns TV and radio assets in Spain and Latin America.
A spokesman from Vivendi declined to say whether the French group bought the bet from the bank.
Prisa shares jumped more than 10% at market opening and were up 6.2% at 0.996 euros as of GMT.
Beleaguered Prisa, which is struggling with a huge debt lump, is controlled by venture capitalist Amber Capital and managed by French investor Joseph Oughourlian.
($ 1 = 0.8226 euros)
Reciting with Inti Landauro and Blandine Henault; edited by Jason Neely