Portugal’s Media Capital Group has signed a licensing agreement with Turner Broadcasting System Europe for the launch of CNN Portugal.
Media Capital will be responsible for the programming and operations of the new TV channel, while CNN will provide training, consultancy and content access.
According to the Portuguese group, further information on the project will be provided at a later stage, after discussions with the regulatory authorities.
An official source told daily Economia Online that CNN Portugal will substitute the group’s existing news channel TVI24, but did not provide further details regarding the timing.
CNN Portugal will thus compete with two other local TV news channels – RTP 3 and SIC Notícias.
Besides TVI24, Media Capital also operates national commercial channel TVI and thematic TV channels TVI Reality and TVI Ficção. It also owns four radio stations (Comercial, M80, Cidade and SmoothFM), content producer Plural and several internet content platforms.
Media Capital closed 2020 with losses of €11.1 million, an improvement of 80 per cent on the previous year’s result (loss of €54.72 million).