Company News

PRISA board rejects offer for El Pais, other media assets

MADRID, Nov 20 (Reuters) - Debt laden Spanish media firm PRISA on Friday rejected an offer for El Pais daily and its other assets from Spanish businessman Blas Herrero.

“Today the Board of Directors analysed the terms of said proposal and has agreed to reject it,” PRISA said in a statement on Friday.

PRISA’s share price fell 6.7% on Friday, after surging 15% on Thursday after it confirmed the bid.

News website El Confidencial and financial newspaper Expansion reported on Thursday that Herrero, who owns radio station KISS FM, and Spanish partners had offered over 200 million euros ($236 million) to buy PRISA’s newspapers and its radio and TV stations.

PRISA said in its statement on Friday it would continue with its roadmap laid out at the beginning of the year to develop its education and media projects and would analyse in future any expression of interest it might receive.

With net debt of 1.1 billion euros at the end of September, PRISA is suffering from dwindling spending on traditional media advertising, exacerbated by the coronavirus pandemic. (Reporting by Jessica Jones; Edited by David Evans)