MADRID Spanish media company Prisa (PRS.MC) has received three bids from investment firms Carlyle (CG.O), PAI Partners and Rhone Capital for its 75 percent stake in Santillana publishing group, three sources with knowledge of the matter said on Friday.
One of the sources and a fourth source however said the preliminary bids, all in the range of 1.2 billion euros to 1.3 billion euros ($1.3-$1.4 billion), were seen as insufficient for Prisa which hopes to raise at least 1.5 billion euros to repay debt and prop up its troubled finances.
It was not yet clear whether the three funds could raise their offer when they present a binding bid sometimes in May.
A spokeswoman for Prisa said the sale process was advancing but declined to give any further detail.
Carlyle and PAI Partners declined to comment while Rhone Capital was not immediately available to comment.
(Reporting by Andres Gonzalez, Sophie Sassard and Pamela Barbaglia, additional reporting by Robert Hetz; Editing by Julien Toyer)