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https://www.panoramaaudiovisual.com/en/2019/09/21/prisa-acuerda-venta-media-capital-cofina/

PRISA agrees to sell 94.69% of the Portuguese Media Capital to Cofina

Founded in 1992, Media Capital owns TVI which, with its channels TVI, TVI 24, TVI Fiction, TVI Reality, TVI Africa and TVI Internacional, reaches 10 million Portuguese speakers around the world.

Riedel Artist a TVI

HURRY has agreed to the sale of 94.69% of Media Capital to the portuguese co. The operation values ​​100% of Media Capital at 255 million, a very attractive amount, since it is equivalent to 7.3 times the EBITDA generated by Media Capital in the last twelve months (as of June 30).

The funds generated by the sale of Media Capital, a profitable asset but considered non-strategic by PRISA, will be used to amortize the Group's debt, which accelerates the deleveraging plan.

The execution of the operation is conditional on obtaining the required authorization from the Portuguese competition and regulatory authorities, the approval of a capital increase by Cofina, the obtaining of a waiver from certain financial creditors of PRISA and the approval of the transaction by the General Meeting of the Company.

TVI PortugalMedia Capital is the largest group in the media sector in Portugal. Founded in 1992, owns TVI which, with its channels TVI, TVI 24, TVI Fiction, TVI Reality, TVI Africa and TVI Internacional, reaches 10 million Portuguese speakers around the world.

The group includes MCR, the leading radio group in Portugal, encompassing Radio Comercial, M80, Cidade, SmoothFM and Vodaforne FM, in addition to 14 digital radios. It also owns Media Capital Digital, with more than 390 million visits to the group's websites and eight million followers on social networks, including IOL and TVI Player.

Media Capital is also the owner of Plural Entertainment, one of the largest Iberian producers of audiovisual content (winner of two Emmy awards), as well as EMAV (a recording and technical services company) and EPC (company specialized in the construction of sets and scenarios), both with presence in the European market.

This sale confirms the roadmap designed by PRISA, which focuses on reducing debt and betting on profitable growth, basically focused on businesses linked to education and information.

By, Sep 21, 2019, Section:Business, Television

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