MADRID, May 9, 2008 (AFP) - Spanish media giant Prisa said Friday it estimated it had over 95 percent of its pay-TV subsidiary Sogecable after launching a takeover bid late last year for the 49.59 percent of the firm which it did not already own.
    "Prisa considers these provisional figures very satisfactory because they will facilitate the development of the group's audiovisual activities around Sogecable," it said in a statement sent to market regulator CNMV.
    Prisa offered 28 euros per share which valued Sogecable, which operates the Canal Plus pay television network in Spain, at 3.87 billion euros (5.95 billion dollars).
    The company's other assets include El Pais, Spain's top-selling newspaper, business paper Cinco Dias, television channel Cuatro, as well as extensive interests in Latin America.
    Prisa was obliged to make the takeover bid after its stake in the Sogecable topped 50 percent in December when it purchaese 2.94 percent in the unit from a minority holder.