Prisa to Buy Stake in Radio Network
Spain’s largest media group, Grupo Prisa, has agreed to buy a 50% stake in a Mexican radio network from Grupo Televisa, the largest communications group in Latin America.
Prisa’s chairman, Jesus de Polanco, said the deal would put Prisa and Televisa in a stronger position to break into the lucrative Hispanic market in the United States.
“The U.S. is an extremely important market,” de Polanco told a news conference with Emilio Azcarraga Jean, chief executive officer of Televisa.
De Polanco said the Spanish group was paying $50 million for the stake in Sistema Radiopolis, while promising to invest a further $10 million in the network of 17 radio stations.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
