Media Capital says it remains interested in buying 100% of Cofina


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Media Capital assured today that it remains interested in the “acquisition of 100% of the capital of Cofina Media”, according to a statement published in the Portuguese Securities Market Commission (CMVM).

In the note, the group “Media Capital, SGPS, S.A. makes public that it has informed Cofina, SGPS, S.A.” that it “maintains its interest in the acquisition of 100% of the share capital of Cofina Media”.

In addition, Media Capital, which owns TVI, “undertakes to participate in the process of disposal of said asset that may be promoted by Cofina, SGPS, S.A., organized in an auction model or other”.

According to the company, this process must be “guided by objective and transparent rules, through the presentation of a proposal that attributes to Cofina Media, S.A. an ‘enterprise value’ [value] of more than 75 million euros”.

On June 30, the executive director of Cofina Media, Luís Santana, confirmed to Lusa that footballer Cristiano Ronaldo is an investor in the company’s ‘Management Buy Out’ (MBO), which is being prepared by a number of staff.

On May 30, Luís Santana had confirmed to the news agency that, together with company staff, he is preparing an MBO, ensuring that “at no time will he be held hostage by any type of interests”.

Media Capital’s chief executive said in May that the purchase of Cofina “is an abstract issue” for the group.

In an interview with Lusa, when asked about the status of possible negotiations after the clarification of the two companies to the market in March, Pedro Morais Leitão said he did not know how to answer, “because everything depends on Cofina”.

“Do I sit down with Cofina? No, I have never sat down with Cofina. Since I came here I have never sat down with Cofina”, says the manager, who is now one year into Media Capital’s executive leadership.

On March 2, at 22:34, the newspaper Observador wrote ‘Media Capital, owner of TVI, in negotiations to buy Cofina, which owns Correio da Manhã’. The news led the following day to the Portuguese Securities Market Commission (CMVM) determining the suspension of Cofina and Media Capital shares, “pending relevant information to the market”.

On March 3, Media Capital, which has Mário Ferreira as chairman of the Board of Directors, informed then that it was “attentive and available to analyze business opportunities”, but regarding the acquisition of Cofina or assets of the Paulo Fernandes group that “nothing” existed “relevant”.

Cofina Media owns Correio da Manhã, CMTV, Jornal de Negócios, Record and Sábado, among others, and an MBO happens when a company is bought by its managers.

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