Altice CEO says wants to grow in Portugal, no layoffs underway

Rebecca Barbier
Julho 16, 2017

Altice has entered into a definitive agreement with Promotora de Informaciones (Prisa) to acquire its 94.7 percent stake in Media Capital.

Media Capital owns Plural, Portugal's largest content producer, and generated €174 million of revenue and €41.5 million in EBITDA in 2016. The deal values Media Capital at Euro 440 million, and is expected to be immediately accretive to Altice's operating free cash flow. It also owns the leading free-to-air TV broadcasting channel in the country, as well as the second largest radio group. Closing of the acquisition is subject to customary closing conditions including approval by Prisa shareholders and regulatory approval. The company is also looking to accelerate investments into Portuguese content and export that programming to other Altice territories, notably to France and the U.S.

Altice said it will invest in digital expansion and Portuguese content, develop new TV channels and formats and enhance their reach, and launch new and innovative services.

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Portugal is already home to Altice's global technology hub, Altice Labs. After that, Altice will delist Media Capital from Euronext Lisbon.

Media Capital reported 2016 revenues at Euro 174.0 million and EBITDA at Euro 41.5 million.

Michel Combes, CEO of Altice, said: “We are extremely excited about the acquisition of Media Capital. We want to capture the many growth opportunities Media Capital offers not just in Portugal but also internationally based on an ambitious agenda focused on more digital, more content and more innovation.

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