Prisa led from the beginning of the nineties until 2009 the Spanish media system, reaching a turnover of 4,000 million euros per year in 2008. And until it divested its stake in Canal+, Prisa was the largest Spanish multimedia group, both in terms of net income and cumulative audience (15.65%) of press, radio, television and internet. The reasons why a group, destined to be one of the great European champions, lost in a few years its centrality, as well as a good part of its size, measured in net income, are the subject of this article. From the theoretical perspective, this research is based on the Political Economy of Communication, although the article also stops in the analysis of “financialization” and the consequent debt that ultimately hindered the development of the group and that explains, along with other erroneous strategic decisions, the dismantling of a conglomerate that had taken more than thirty years to build.