Mike Arnold
Long only, small-cap, tech, growth at reasonable price

Prisa Picks Up Another Catalyst

Executive summary:

  • Shareholder agreement with respect to Canal+ triggers forcible sale of the business, of which Prisa [(NYSE:PRIS) (NYSE:PRIS.B)] owns a 56% share of the pay-TV platform.
  • 2013 full year results indicate bottoming of Prisa's set of media businesses.
  • Common shareholders diluted, with issuance of 177 million new A shares via warrants issued as result of 353 million euros line of credit.


Prisa continues its vast transformation. And the market is taking notice. Shares of Prisa have rallied significantly since autumn 2013.

(click to enlarge)

After significantly restructuring its debt obligations late last year, 2014 appears to be the year where Prisa completes its stated transformation, by selling its non-core, audiovisual assets.

Those assets include:...

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