Media Capital interested in Cofina Media
July 13, 2023
From Branislav Pekic in Rome
Portuguese media group Media Capital has confirmed its interest in acquiring 100 per cent of peer Cofina Media. The company said it would take part in an auction or ‘another objective and transparent sales process’, organised by Cofina that takes into account the enterprise value of Cofina Media of over €75 million.
The confirmation comes after a management buyout proposal, submitted at the end of June together with a group of investors, including footballer Cristiano Ronaldo, to the tune of €75 million.
The news of Media Capital’s interest in the takeover of Cofina Media originally surfaced in the Portuguese press back in March, leading the Securities Market Commission (CMVM) to temporarily suspend the trading of Cofina and Media Capital shares. Media Capital owns national commercial broadcaster TVI, as well as cable TV channels CNN Portugal (under license from Warner Bros. Discovery and CNN Global), TVI Ficção, TVI Internacional, and TVI África.
For its part, Cofina Media owns Portugal’s most-watched cable TV channel CMTV, in addition to a number of national newspapers.