September 21, 2019 / 10:48 AM / a month ago

Portugal's Cofina reaches deal with Prisa to buy Media Capital

LISBON (Reuters) - Portuguese publishing group Cofina (CFN.LS) announced on Saturday that it reached an agreement with Spanish firm Prisa to acquire Media Capital, which operates one of Portugal’s biggest TV channels, for an enterprise value of 255 million euros (225.14 million pounds).

The deal, which still needs to be given the green light by Portugal’s media regulatory authority and the competition watchdog, would make Cofina the country’s biggest media group.

Cofina already owns tabloid Correio da Manha and business newspaper Jornal de Negocios, among others. With the acquisition of Media Capital, 95% owned by Prisa, Cofina would become the owner of TV channel TVI, several radio stations and magazines.

Cofina’s Media Capital deal includes paying TVI’s debt of 75 million euros.

“This acquisition fits with the company’s vision for the media and appears to be the one that is best able to ensure its growth and sustainability, and is in line with the global trend towards consolidation of the media sector in the last years,” Cofina told news agency Lusa.

In a statement published online, Prisa said the transaction will represent a loss of 76 million euros in the company’s consolidated accounts.

Reporting by Catarina Demony; editing by Giles Elgood

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