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Spanish media firm Prisa posts US$66m loss in Q1

Spanish media company Prisa, owner of the country's biggest-selling daily newspaper El Pais, on Wednesday reported fresh losses of 48 million euros (US$66 million) in the first quarter of 2014.

MADRID: Spanish media company Prisa, owner of the country's biggest-selling daily newspaper El Pais, on Wednesday reported fresh losses of 48 million euros (US$66 million) in the first quarter of 2014.

The heavily indebted company made headlines last week by selling 56 per cent of its pay-television platform Digital+ -- the Spain branch of subscription channel Canal+ -- to Spanish telecom giant Telefonica for 725 million euros.

Prisa posted a loss of 47.57 million euros for the first quarter of this year, following losses of 12 million euros in the same period in 2013 and 649 million euros for last year overall.

Spain's media companies have been hit hard by years of recession, particularly by a slump in advertising.

Prisa said its advertising revenues fell by 5.9 per cent overall in Spain in the first quarter, although they rose by three percent in neighbouring Portugal.

Before selling off Digital+, Prisa said in April it had sold a 3.7 per cent stake in Mediaset Espana, a subsidiary of Italian ex-prime minister Silvio Berlusconi's group Mediaset, for 121 million euros.

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