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Wednesday, April 17, 2024

Uría helps PRISA become sole shareholder of Prisa Radio

Uría Menéndez has advised PRISA on its acquisition of 20% of the company´s capital in Prisa Radio held by Grupo Godó, becoming the sole shareholder of the radio division

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PRISA has reached an agreement to acquire the 20% of the capital of the Radio division currently held by Grupo Godó. PRISA Media, a wholly-owned subsidiary of Grupo PRISA that encompasses the press and radio businesses, will pay a total of €45 million euros, €30 million at the signing of the agreement and the remaining €15 million to be paid in 2023.

This operation is yet another step forward in the consolidation of the radio and press businesses, launched by the company last year, and is testament to the Group’s continued commitment to this industrial project. In addition, the move allows PRISA to simplify the structure of the division, endowing it with greater flexibility and lower costs.

The deal puts an end to the Catalan media consortium controlled by Godó, when it joined forces with Prisa in 2006 in Sociedad Española de Radiodifusión (SER) and Antena 3, to create the largest radio company in the Spanish-speaking area. The agreement to integrate Antena3 Radio into Cadena SER cristalised in Unión Radio (later Prisa Radio). At the time, it involved managing some 1,100 radio stations in several countries under the same name, in a deal that gave PRISA a cotrolling stake, and Godó the remaining 20%.

PRISA will now become the sole shareholder of Prisa Radio, the company that manages its radio division.

Uría Menéndez advised PRISA and Prisa Media with a Capital Markets team led by partner Gabriel Núñez Fernández, together with senior associate Álvaro López Hernández, associate Gorka Atutxa Bernaola and junior associate Manuel Suero Roiz.

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