Chinese Group Orient Hontai is set to increase its share of in Spanish TV group Mediapro to 76 per cent in exchange for a €620 million injection to save the group from bankruptcy.

Some €150 million will be paid immediately through subordinated debt. The additional €470 million will then be approved by a shareholding meeting to enlarge social capital.

With the move, Orient Hontai will control 76 per cent of the company, with WPP and the president Jaume Roures taking 24 per cent.

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Categories: Articles, Business, Funding

Tags: bankrupt, china, Mediapro