Spain's Sogecable likely to float stox

TV conglom to offset costs of CSD

By EMILIANO DE PABLOS, JOHN HOPEWELL

MADRID -- Spanish film and TV conglom Sogecable will try to float 25% of its shares, valued at some $650 million, on the Madrid stock exchange.

Sources at the company confirmed to Daily Variety the flotation has been greenlit by Sogecable's executive commission. But the move still awaits approval from shareholders, led by Prisa and France's Canal Plus, each with 25% stakes. Report in El Mundo indicated float was done deal. Morgan Stanley values comglom at $2.6 billion.

Raising cash through a stock flotation seems a logical way for Sogecable to help defray the startup costs of its digital platform CanalSatelite Digital (CSD), launched in January 1997. Sources say CSD should move into profitability in late 2000 or early 2001.