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Prisa refinancing plan ‘in final stages’

Spanish pay TV and media group Prisa TV is “in the final stages” of refinancing its debt, with 70% of lenders on board with the plan, according to Prisa CEO Juan Luis Cebrian.

Speaking at the firm’s annual general meeting – in his first address to Prisa’s shareholders since his appointment as CEO last July – Cebrian said that the refinancing plan would ensure the viability of Prisa without damaging its growth, or waiting for economic recovery.

Outlining four key priorities for the business, Cebrian said he would ensure the profitability of Prisa’s current business through “adjustment processes and personnel costs”, progress with its digital transformation, increase digital advertising digital and keep winning digital audience.

He said the next steps would be to develop the brand, diversify and internationalise the business.

Referring to Prisa’s TV business in particular, Cebrian said that there were many challenges and that if possible he would maintain and increase the exclusive content on its platform, simplify Prisa’s commercial offer. He added it would continue to innovate technologically through increased penetration of its Yomvi iPlus video-on-demand platform.

At the same time, Cebrian accepted the council’s request for him to continue in his current post until December 2015.