MADRID, July 3 (Reuters) - Spain's Prisa and rival Mediapro (Imagina) will continue taking about a possible deal to pool their TV and radio assets for another three weeks, Prisa said on Friday.
Prisa, owner of TV channel Cuatro, said it and Mediapro had set a new deadline of July 24 for the talks to conclude, after a previous deadline set a month ago expires on Saturday.
A merger of Prisa's TV and content interests with those of Mediapro, which has a controlling stake in TV channel La Sexta, would help offset a global slump in advertising revenues.
An agreement would also help to ease investor worries about Prisa, which has a 5 billion euro debt burden and has been trying to make its business more efficient and modern. It has cut staff pay and suspended dividends as part of a restructuring plan, and does not rule out having to increase capital.
(Reporting by Ben Harding and Elisabeth O'Leary; editing by Simon Jessop) Keywords: PRISA/ (elizabeth.oleary@reuters.com; +34 91 585 8295; Reuters Messaging: elizabeth.oleary.reuters.com@reuters.net;) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Prisa, owner of TV channel Cuatro, said it and Mediapro had set a new deadline of July 24 for the talks to conclude, after a previous deadline set a month ago expires on Saturday.
A merger of Prisa's TV and content interests with those of Mediapro, which has a controlling stake in TV channel La Sexta, would help offset a global slump in advertising revenues.
An agreement would also help to ease investor worries about Prisa, which has a 5 billion euro debt burden and has been trying to make its business more efficient and modern. It has cut staff pay and suspended dividends as part of a restructuring plan, and does not rule out having to increase capital.
(Reporting by Ben Harding and Elisabeth O'Leary; editing by Simon Jessop) Keywords: PRISA/ (elizabeth.oleary@reuters.com; +34 91 585 8295; Reuters Messaging: elizabeth.oleary.reuters.com@reuters.net;) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
