More On The IBN-PRISA Partnership
Gail Chiasson, North American Editor
Following the 50-50 partnership announced this week (see our Aug. 27/09 article) between PRISA, the world’s leading Spanish and Portuguese entertainment, education and information media company, and In-Store Broadcasting Network (IBN), positioned as the world’s largest Retail Media company, PRISA has retained Violy and Company, New York, and with an office in Bogota, to assist with its strategic repositioning plan.
This includes finding strategic media and technology partners, and transforming PRISA from a distribution-centric to a consumer-centric model media platform.
In May/09, Violy McCausland, the Principal of Violy and Company, introduced PRISA to Talos Partners, whose chairman, Robert Brazell, is also the chairman of IBN.
As a result, Talos Partners, a Merchant Bank headquartered in New York City, announced that it would purchase up to 10 million shares of PRISA’s treasury stock representing a 4.5% stake in the media giant.
“PRISA has worked hard, especially during these past few months, in not just understanding the future of the media industry, but also by showing that we can be one of the leaders of the transformation that is required. The partnership with IBN is an example of this type of ‘out-of-the-box’ thinking”, says Juan-Luis Cebrian, the CEO of PRISA.
Stephen Norris, a co-founder of the Carlyle Group, Washington, D.C., a Talos board member and member of the investment committee says, “The Latin media market, which PRISA dominates, represents a substantial growth opportunity. We are very bullish on Latin America and we feel like we get a double bump in value in Latin American investments; first we buy unlocked value; second we ride the Latin growth wave.
“We are most excited about what we call ‘hidden value’; the ability to grow without new cost. We see strong growth across every business unit at PRISA and an aggressive technology plan to integrate.”