PRISA To Acquire Telefónica’s Radio Continental.

Grupo Latino de Radio (GLR) and Corporación Argentina de Radiodifusión, subsidiaries of Grupo PRISA, have reached a tentative agreement for the future purchase of 100% of companies Radio Continental y Radio Estéreo companies, owned by Grupo Telefónica and part of the Argentinean broadcasting industry, for $10.5 million. Both parties hope to soon close the operation that will execute the transaction, which is subject to administrative approval by Argentinean authorities that defend competition.

With this agreement, PRISA strengthens its expansion bid in the Latin American market through radio. The group’s participation in the sector includes radio stations in Colombia (Caracol Radio), Mexico (where it is co-owner, along with Grupo Televisa, of the Radiópolis network), the United States, Chile, Costa Rica and Panama. In addition, in 2004 GLR incorporated GLR Networks, a subsidiary of Grupo PRISA that focuses on the radio content syndication business in the U.S. Hispanic market.

Radio Continental broadcasts in FM and medium band from Buenos Aires and Mar del Plata, and has programming agreements with more than 50 stations.