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Altice expands in Portugal with acquisition of Media Capital

Altice expands in Portugal with acquisition of Media Capital

Altice has confirmed its acquiring Prisa's 94.7 per cent stake in Media Capital.

Media Capital, which also owns the largest Portuguese content producer Plural, reported in 2016 revenue of €174.0 million and EBITDA of €41.5 million.

The broadcaster owns the leading free-to-air commercial channel TVI, as well as news channel TVI24, TVI Ficcao (local drama), TVI Africa (for Angola and Mozambique), TVI Reality (reality shows) and TVI Internacional, and is also the second-largest radio group in Portugal, including the audience leader Radio Comercial.

Altice is planning to invest into digital expansion for Media Capital, as well as develop new TV channels and formats for the Portuguese market. The integrity and editorial independence of Media Capital will serve as a guiding principle, as is the case for all of Altices global media businesses.

The acquisition values Media Capital at €440 million ($502 million). Altice already uses Portugal as a hub for development, with Altice Labs. Closing of the acquisition is subject to customary closing conditions including approval by Prisa shareholders and regulatory approval.

Altice said it is committed to continuing Media Capital's open platform in the Portuguese market. Following the consummation of the mandatory takeover offer, Altice intends to delist Media Capital from Euronext Lisbon.

"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".