MADRID—Spanish telecom firm Telefonica said on Thursday it agreed to sell a 7.08 percent stake in the media group Prisa, the publisher of El Pais newspaper, for 34 million euros.
Telefonica agreed to sell the stake with a 17 percent premium over the closing price on Wednesday to privately held Spanish firm Global Alconaba. Telefonica will retain a 1.95 percent stake in Prisa, it said in a filing to the stock market regulator.
