Confia comes back to buy TVI operator with significantly reduced offer

Portuguese publishing group Cofina has come back to the table with a new offer to buy 100% of TVI operator Media Capital.

Confirmed by competition watchdog CMVM, the deal would make Cofina the largest media group in Portugal, with the company already owning tabloid Correio da Manha and business newspaper Jornal de Negocios.

Media Capital is 94% owned by Spanish media conglomerate Prisa, and operates TVI – the country’s fourth terrestrial channel – a large number of radio stations, and magazine publisher Media Capital Edições.

An approach was initially made in September 2019, but Cofina pulled out in March amid the height of economic uncertainty caused by the coronavirus pandemic. The CMVM had already approved the deal, but this will require re-evaluation.

This new offer values each share at €0.415 – representing an 82% drop in the initially agreed upon deal last year.