LISBON — In the wake of Prisa’s acquisition of RTL’s holding in Media Capital (Variety, Feb. 5), giving the Spanish media group 73.7% of its Portuguese counterpart, it has now launched a bid to acquire the outstanding 26.3%.
The share price is to be set by the Portuguese authorities, which is likely to oblige Prisa to pay the average share price recorded by Media Capital over the past six months, Euros 8.30 ($10.75). Prisa paid Euros 7.40 ($9.60) a share for RTL’s holding.
Prisa has filed a request to the Portuguese Securities Market Commission for the appointment of an external auditor to determine a fair share price for Media Capital, since Prisa claims that the six month average has been inflated by speculatory pressures and does not reflect a fair value given the company’s performance, in comparison with other European media companies.
Notwithstanding these complications, Prisa’s chairman, Juan Luis Cebrian, announced in a press conference Wednesday that he plans to maintain the existing top management at MC and considers that the main growth area for the group in the near future will be audiovisual and digital services.