Houghton parent company Education Media is hardly the only overindebted conglomerate with book publishing interests. This morning Spanish media group Prisa said it would sell a 25 percent stake in book publisher Grupo Santillana for approximately $362 million. The buyer is Credit Suisse-run private equity firm DLJ South American Partners.
Spain’s biggest media company, Prisa carries debt of over 5 billion euros, so the sale of the Santillana stake will have little overall impact. Santillana is “one of Prisa’s most profitable units,” the WSJ notes, adding that “the fact that Prisa is selling off part of such a lucrative unit shows the extent of its debt woes.”
The Journal says Santillana was the best-performing of Prisa’s units in the first six months of 2009, with sales of 272 million euros up 6.5 percent.