MADRID, Reuters – Spanish telecom company Telefonica (NYSE) announced on Thursday that it had agreed to sell a 7.08% share in media group Prisa (publisher of El Pais) for 34 millions euros.

Telefonica accepted to sell the stake to Global Alconaba, a privately-held Spanish firm. This 17% premium was over Wednesday’s closing price. Telefonica would retain a 1.95% interest in Prisa. This was stated in a filing sent to the regulator of stock markets.

After suffering losses in 2021, Prisa which is the owner of El Pais has just posted a quarterly loss.

Refinitiv Eikon data shows that Amber Capital, a French-based investor, is the main shareholder of Prisa. It holds a 29.84% share.

French media company Vivendi (OTC) owns 9.94%.