PRISA's New Shares Go Public

PRISA refinances its debt till 2013

MADRID, December 2, 2010 - Spain's competition body, (CNMV) today approved the deal allowing the
listing of shares and warrants of PRISA on both the New York and the Spanish
Stock Exchanges, as a result of the approval of the merger with Liberty at
the Extraordinary General Board Meeting, held on Saturday 27 November.

PRISA has already received 650 million Euros, which will serve to restore
the finances of the company and repay debt in the restructuring process
agreed with creditor banks. These have signed a final bridge loan until May
2013.

PRISA's new shares both ordinary and convertible will be listed on the
Spanish Stock Exchange Markets, and through ADRs (American Depositary
Receipts) in the New York Stock Exchange (NYSE) from December 3, 2010. All
subscription rights issued to shareholders of PRISA, prior to the operation
with Liberty (Nov. 23), will be also listed on the Spanish Stock Exchange
Markets not later than December 9, 2010.

Juan Luis Cebrian, chairman of the Executive Committee of the Board and
Chief Executive Officer of PRISA stressed the importance of the deal that
"allows PRISA executives to focus their efforts on business development and
on the transformation of the traditional business model into one that will
integrate all units through digital technology. Furthermore, we are creating
a multimedia platform that will enhance our product and service offering and
match consumers with new digital content," he said.

"The financial support that Liberty is able to provide to PRISA will
substantially strengthen its balance sheet, restoring the company to
financial health," said Martin E. Franklin, Chairman of Liberty. "The capital
infusion will allow PRISA to more aggressively pursue its growth strategies,
including digital product enhancement, international expansion and greater
synergies between its market-leading media assets. With listings in both the
U.S. and Spain, PRISA will be a more diverse company, more international, and
will have the new model of corporate governance necessary to face this new
phase."

Nicolas Berggruen, Liberty's co-founder and member of the Board of
Directors of PRISA, said, "I am delighted that Liberty shareholders have
shown so clearly their support. Martin and I look forward to helping PRISA
execute its growth strategy and fulfil its considerable potential."

PRISA is the world's leading Spanish and Portuguese-language media group
in the fields of education, information and entertainment, thanks to its
multichannel offer of-top quality and high-demand products. Present in 22
countries, it reaches more than 50 million users, through its global brands,
like El Pais, 40 Principales, Santillana and Alfaguara. As a lead global
player in general-interest news, both Pay TV and Free-to-View TV, spoken-word
and music radio, education and publishing, it's one of the world's most
profitable media groups with an extraordinarily wide range of assets.

This operation involved Violy & Co and Tegris Advisors LLC, as financial
consultants, and Cortes Abogados, Garrigues, Wachtell, Lipton, Rosen & Katz
and Greenberg & Traurig Law, as legal advisors.

www.prisa.com

PRISA Communication, +34-91-330-1079, www.prisa.com