Prisa-Liberty Merger Approved

Merger Moves Forward

GRUPO PRISA and LIBERTY ACQUISITIONS HOLDING CORP. have merged in a deal that infuses PRISA with 650 million euros and puts PRISA on the NEW YORK STOCK EXCHANGE with a revamped Board of Directors.  The deal was approved by PRISA shareholders in MADRID on SATURDAY after LIBERTY's investors approved the deal last WEDNESDAY in NEW YORK.

The deal has PRISA acquiring LIBERTY in a share swap, with LIBERTY providing a 650 million euro investment and LIBERTY's investors becoming shareholders in PRISA, which will in turn dissolve LIBERTY.   PRISA shareholders who owned their shares before NOVEMBER 23d will get the opportunity to acquire 1.1 new shares for each share they own at 2 euros per share. The subscription rights can be traded as warrants on the MADRID STOCK EXCHANGE for the next 42 months.          
 
The new Board of Directors includes IGNACIO POLANCO, JUAN LUÍS CEBRIÁN, JUAN ARENA, NICOLAS BERGGRUEN, MATÍAS CORTÉS, MARTIN E. FRANKLIN, DIEGO HIDALGO, GREGORIO MARAÑÓN, ALAIN MINC, AGNÈS NOGUERA, BORJA PÉREZ ARAUNA, MANUEL POLANCO, EMMANUEL ROMÁN, HARRY SLOAN AND ERNESTO ZEDILLO.

PRISA owns GLR NETWORKS, which operates a syndication division and two radio stations in the U.S., Spanish Talk WSUA-A (RADIO CARACOL)/MIAMI and Spanish Talk XEWW-A (W RADIO)/TIJUANA-SAN DIEGO-LOS ANGELES.

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