Prisa, the publisher of Spain's El Pais newspaper, has sold 20% of its Grupo Latino de Radio SL (GLR) unit to Spanish media peer Grupo Godo de Comunicaciones, publisher of La Vanguardia in Barcelona, for 35 mln eur (US $ 45.5 million). In a statement, Prisa said that following the sale, it and Grupo Godo have each fully incorporated their GLR stakes in their Union Radio joint venture through a capital hike.
Union Radio, which manages the two companies' radio assets, is 80% controlled by Prisa and 20% by Grupo Godo. Prisa said that Union Radio now manages all of its radio activities, both in Spain and abroad.
The company has said that it could launch an initial public offering of the Union Radio division in the future.
Union Radio owns and manages 1095 radio stations in Spain, United States (radio stations in Los Angeles and Miami), Mexico (Radiopolis), Colombia (Caracol), Argentina (Continental), Costa Rica, Panama and Chile. Union Radio has annual sales of 350 million euros (or US $455 million).
Prisa owns media assets including El Pais, Cinco Dias, As (newspaper publishing), SER and GLR (radio), Sogecable (TV) and Santillana (textbook publishing).