PRISA to Take Major Stake in V-me Media, Inc.
PRISA, (Promotora de Informaciones, S.A), (BMAD: PRS), the Spanish-language media company, announces an historic investment in and alliance with V-me Media,Inc., the U.S. Hispanic content/distribution company and owner of national Spanish-language network V-me, which ranks behind only Univision’s and Telemundo’s broadcast channels in national household distribution.
In the most significant U.S. move ever by a Spain-based media company, PRISA will make an investment of cash and programming as a first step to a path of control in V-me Media, Inc.
Violy and Company acted as advisors to PRISA, identifying the strategic opportunity as well as assisting in the execution of the transaction, in which PRISA will acquire 12% of V-me Media, Inc., increasing to a majority position in the next 12 months.
“This investment represents an aggressive U.S. step forward in PRISA’s consumer-centric global strategy of delivering relevant content through multiplatform distribution to the entire Portuguese and Spanish speaking world,“ said Juan Luis Cebrián, CEO of PRISA. “PRISA has extensively analyzed many U.S. opportunities, but only V-me represents deep expertise in the U.S. market, an existing national distribution platform, high-quality content for a desirable audience, and roots in education and respect for consumers that are key to PRISA’s mission. V-me’s relationship with public television is a clear example of this unmatched credibility and quality.”
V-me and PRISA will leverage their shared commitment to education, information and quality entertainment; a belief in the value of the U.S. Spanish-speaking market; and a substantial two-way international pipeline of advertising and sponsorship inventory, distribution, and content development.
“PRISA is a perfect partner for V-me,” said Carmen M. DiRienzo, president and CEO of V-me. “PRISA’s world-class content and production resources combined with V-me’s creative development and distribution present powerful opportunities to develop new programs and channels for domestic and international markets, and to expand and develop brands across PRISA’s radio, publishing and broadcast assets.”
The original shareholders of V-me – Syncom Venture Partners; The Baeza Group , led by V-me’s Founding Chairman Mario L. Baeza; and Educational Broadcasting Corporation, a company of WNET.ORG, the PBS-affiliated public media provider in New York City – will continue to be represented on the board of V-me Media, Inc., PRISA's investment will result in additional board seats, eventually representing majority control for PRISA.
Trackback from your site.