Spanish media company Prisa sells more than 50% of its shares to U.S.-based Liberty Acquisition Holdings, the latest of a series of drastic moves to pay down its crippling debt.

In the wake of a deal reached Friday that will give Liberty Acquisition Group a 50% stake in the publisher of Spanish daily El Pais for 900 million euros. The deal is subject to regulatory approval and completion of restructuting of Prisa's debt.

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