Media Capital sells radio stations for over 69 million euros. Agreement closed with the German group Bauer Media Audio.
An agreement has been reached between Media Capital and the British company Absolute Radio, owned by Bauer Media Group, for the sale of the group’s five radio stations: Comercial, M80, Cidade, Smooth and Vodafone FM.
The agreement between Media Capital and the English company Absolute Radio for the sale of Comercial, M80, Cidade, Smooth, and Vodafone FM, has been finalized. The sale, in progress since June 2021, is expected to yield €69.6 million for the group chaired by Mário Ferreira. The contract involves the purchase and sale of 200,000 ordinary nominative shares, representing 100% of the share capital and voting rights of MCR II – Media Capital Rádios, S.A., a subsidiary wholly owned by Meglo – Media Capital Global, SGPS, S.A., which is itself 100% owned by Media Capital, according to the statement released by the Portuguese Securities Market Commission (CMVM). The German-owned Absolute Radio, negotiating with Media Capital since September, is part of the Bauer Media Group, generating an annual revenue of €2.3 billion and operating in various media sectors across 17 countries. With the sale of these five radio stations, including Comercial, in the group’s portfolio since 1997 and a combined audience of 2 million people, Media Capital is pursuing a strategy of redefinition and concentration on television. The proceeds, estimated at over €60 million, are expected to cover investments in TVI’s new studios and the launch of CNN, as reported by Jornal de Negócios.