Oughourlian reaffirms his power in Grupo Prisa and forces PSOE to make a move

The General Shareholders' Meeting held this Wednesday by Grupo Prisa was not "noisy," as was desired. The reason is that its president, Joseph Oughourlian, has secured his control. All thanks to a capital increase of 40 million euros that undermined the governmental block.

At this meeting, Oughourlian approved accounts and refinancing with an overwhelming majority. The executive has thus consolidated his shareholder power. Additionally, he has reduced the Board from 15 to 14 members. This way, "the position of Carlos Núñez, who resigned as CEO of Prisa Media last February, is 'amortized'.

Additionally, regarding the television project promoted by the Government that was ultimately halted, Oughourlian highlighted: "This group is not a toy, we can't get distracted by internal battles, and we can't tolerate particular interests prevailing over the common interest. I have not moved and have always defended the benefit of all shareholders, all employees, and all creditors."

La Moncloa had already reduced its pressure on Vivendi, Caixabank, BBVA, the Polanco family, or Santander to strengthen the block led by Global Alconaba. This group is headed by Andrés Varela Entrecanales and is close to government advisor José Miguel Contreras.

The PSOE also lowered its arms for the control of Prisa. The "plan b" offered by Oughourlian is for them to find someone to pay 700 million euros for the profitable Cadena SER and the deficit-ridden El País. If they pay that "out of market" price, Oughourlian would keep control of the rest of the assets. These are mainly Santillana and several Latin American media outlets.

With the operation, the businessman would reduce Prisa's debt to zero. This way, he would facilitate its subsequent sale to recover part of the more than 350 million he has invested in the company.

At the General Shareholders' Meeting, the group's accounts and refinancing were approved. The Board of Directors' proposal to reduce the number of board members from 15 to 14 was also passed.

The expansion of Grupo Prisa

On March 26, Prisa carried out a capital increase equivalent to 9.95%. With this, it managed to raise 40 million euros, with an issue price of 0.37 euros per share. The resources obtained have been allocated to the payment of 39.9 million euros in junior debt.

In addition to strengthening the group's financial structure, this fulfilled one of the key requirements to close its new refinancing agreement.

The session was held at Prisa's offices in Madrid.  Shareholders attended both in person and remotely, either through electronic representation or by early remote voting.

Operational improvement and massive debt

Grupo Prisa has started 2025 keeping the trend of improvement in its operating results and the progressive reduction of its debt. These advances, sustained over the last four years, do not prevent the debt from being over 650 million.

In the first quarter of the year, consolidated revenues amounted to 232 million euros. Meanwhile, the reported EBITDA reached 46 million. These figures represent an increase of 2% and 5%, respectively, compared to the same period in 2024.

Total cash generation reached 85 million euros compared to 32 in the first quarter of 2024. This result includes the 40 million from the formalized capital increase. This operation constitutes a prerequisite for the formalization of the new refinancing agreement. This foresees the extension of debt maturities until 2029, a reduction in the average cost, and greater flexibility in financial commitments.

As a result of the expansion and the operational evolution of the period, consolidated net debt has been reduced to 664 million euros. Prisa recalls that it is the lowest level in the last twenty years.

Growth in the Education and Media divisions

In the Education area, Santillana keeps its position as a provider of digital teaching solutions in Latin America. As for Prisa Media, the company continues to strengthen its presence in the Spanish-speaking market.

El País has surpassed 414,000 total subscribers, with a year-on-year growth of 13%. Additionally, Prisa reached record figures in digital content consumption. Thanks to adding 220 million video views (+42%) and more than 100 million hours of audio listening.

Upcoming launch of the Strategic Plan 2025–2028

Since 2021, Prisa has implemented a transformation process aimed at improving its operational and financial efficiency. On this basis, the group is finalizing the design of its upcoming Strategic Plan 2025–2028. Its presentation is scheduled for September.

This plan will define the priorities for the coming years and will focus on several main axes.  These are: accelerating the digitalization process in the areas of education and media; expanding international presence, with special attention to Latin America; diversifying income sources to reduce exposure to the seasonality of certain markets; and ensuring sustained growth, with a comprehensive approach that combines profitability, efficiency, and sustainability.

Additionally, the plan will contemplate the continuity of the group's commitments in terms of sustainability and social responsibility. Especially in the fields of education, rigorous information, and cultural promotion.