Spanish TV group Mediapro is holding negotiations with 50 different companies to launch a huge TV hub in the country with an estimated investment of €500 million, according to financial newspaper Expansión.
Mediapro, in current financial difficulties with a debt of €920 million, hopes to attract European Union funds to start the project. The initiative aims to completely change the audiovisual technology and adapt the TV business to new consumption habits, creating a virtual headquarters in the cloud to manage the TV facilities. The end goal is to manage all TV productions from one virtual facility, making the Spanish TV sector a worldwide reference and, at the same time, increasing its value in the Gross Domestic Product from 0.8 per cent to 1.1 per cent.
The move coincides with the Spanish government’s announcement of a public consultation to have access to the EU Recovery Plan worth €1.6 billion.
Earlier this week, Mediapro requested a €230 million bailout from the government to avoid bankruptcy as a result of the pandemic. The company saw its income fall by 38 per cent in 2020 with losses of €215 million.