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France’s Vivendi to buy 7.6% stake in Spain’s Prisa

French media company Vivendi said on Friday it agreed to buy a 7.6% stake in Spanish rival Prisa, the owner of influential newspaper El Pais. “Buying shares in Prisa is part of Vivendi’s ongoing strategy to become a global leader in content, media and communications, while extending its access to the Spanish-speaking markets,” the French group said in a statement.

The acquisition came as HSBC has agreed to sell its 7.89% stake for 52 million euros ($63.21 million) in the Spanish media group, which also owns TV producing and radio assets in Spain and Latin America.