Spanish News Baron Under Fire From Investors After Wipeout
- Cebrian presided over 99% Prisa stock drop since 2000 IPO
- Telefonica’s Alierta, Amber Capital seek to rally activists
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Shareholders who have seen the value of Spanish publishing group Prisa all but wiped out since it went public in 2000 are now seeking to oust Chairman Juan Luis Cebrian, who rode out the downward spiral unchallenged.
Investors including Telefonica SA, CaixaBank SA and hedge fund Amber Capital UK LLP, the biggest shareholder of Madrid-based Promotora de Informaciones SA, are seeking to replace Cebrian and Chief Executive Officer Jose Luis Sainz Diaz by midyear, according to people familiar with the situation.