Sogecable's pay-TV satellite platform, Digital+, is up for sale. Over the last few weeks several bidders have put offers on the table and owner Prisa is happy with them.


According to Prisa's CEO, Juan Luis Cebrián, "we are satisfied with the level of the offers to buy Digital+. We were very optimistic a month ago but we are even more optimistic now". Cebrián said that the platform was still valued at €3.5 billion.

Some market sources said that by the middle of this month Prisa had received ten bids for Digital+ but that offers ranged between €2.9 billion and €3 billion.

Digital+’s sale is within the frame of Prisa's new strategy decided prior to the summer. This process will be accompanied by strong debt cutting, with debt now down to €5 billion by the end of June, six times the group's EBITDA.

"From now until next March our debt will be cut down to 4.5 times our EBITDA but we won't be happy until it goes down to three times EBITDA," Juan Luis Cebrián added. But it is not only Prisa's debt that counts in the whole process but also the company's own funds which are to be increased together with the reduction of the debt.

Source: Rapid TV News 2008

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