Cofina/Media Capital share dealing suspended

By TPN/Lusa, in Business · 17-09-2019 14:23:00 · 0 Comments
Cofina/Media Capital share dealing suspended

The Portuguese Securities and Exchange Commission (CMVM) has suspended trading in the shares of Cofina and the Media Capital Group, at a time when the owner of Correio da Manhã is negotiating the purchase of Vertix, which owns 94% of TVI.

In a note published on its website, the CMVM says that it is waiting for "the disclosure of relevant information to the market".

After weekly newspaper Expresso reported the negotiations on 14 August, Cofina confirmed that it was negotiating with Prisa to buy Media Capital. The next day it was the turn of the Spanish company to confirm being in negotiations on an exclusive basis with the company that owns the Correio da Manhã.

On 16 August, Cofina said it was negotiating with Prisa to acquire Vertix, which holds 94.69% of Media Capital, saying it was launching a takeover bid for the owner of TVI.

On the same day, the Union of Journalists (SJ) expressed "concern" about the impact of an eventual purchase of Media Capital by Cofina, "particularly with regard to the concentration of the media" and the maintenance of jobs.

"The excessive concentration of the media has repercussions on the plurality and quality of information and, in this sense, the SJ considers that the Regulatory Authority for the Media has to pronounce quickly on the current business", the union said in a statement.

Cofina owns Correio da Manhã, CM TV, Sábado, Record, Jornal de Negócios, among others.

In turn, Media Capital owns the TVI channels, Commercial Radio, among other media.


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