February 16, 2018 / 3:47 PM / a year ago

UPDATE 1-Mexican broadcaster Televisa to sell stake in Spanish media group

(Adds share price)

MEXICO CITY, Feb 16 (Reuters) - Shares of Mexican broadcaster Televisa surged on Friday after the company announced it had reached an agreement to sell its 19 percent stake in Imagina, a Spanish media group, for 284 million euros (6.558 billion pesos).

Televisa, the biggest producer of content in Spanish, said it plans to sell certain operations that are no longer strategic to focus on content and distribution, a decision made after a thorough review of its portfolio.

Grupo Televisa said the transaction is subject to the meeting of certain conditions, which it expects to take place in the next few months.

Shares of Televisa rose more than 3 percent in morning trading before paring gains to 2.39 percent at 72.4 pesos per share. (Reporting by Sheky Espejo; Writing by Julia Love; Editing by Bernadette Baum and Jonathan Oatis)

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