Vocento makes confident market debut

Shares in Spanish conglom rise 4% in first day of trading

BARCELONA — Vocento, one of the leading Spanish media congloms, made its stock market debut on Spain’s Ibex 35 bourse, launching a post-issue 18% of its capital.

Shares edged up 4% on their first day of trading, helped by buoyant capital markets and Vocento’s cautious issue price: Euros 15 ($19.1). End of trading Wednesday fixed Vocento’s market value at Euros 1.95 billion ($ 2.49 billion).

Spanish stock markets are continually setting new records. The Ibex 35 has seen nine consecutive weeks of growth, establishing annual earnings of 31.2%, beyond all expectations.

But Vocento faces a tough future as it seeks to diversify from its traditional regional publishing base into content creation.

It currently controls Digital Terrestrial Television channel Net TV, 13% of free-to-air broadcaster Telecinco, and holds majority stakes in Spanish light entertainment leader Europroducciones and one of Spain’s leading TV production houses, Cesar Benitez’s BocaBoca. In June, Vocento bought 60% of film distrib Tripictures.

Filed Under:

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety