Former Director of Correio da Manhã, Octavio Ribeiro, and Luis Santana, Director of Cofina, You will prepare for an operation Management purchase (MBO) to ensure shareholder control over the group that owns Correio da Manhã, CMTV, Record, Jornal de Negócios and Saturday.
+ M / ECO knows that officials are in contact with investors to raise about 30 million euros, an amount that will allow them to formalize the proposal. Added to this investment is permanence with minority positions of existing shareholders, namely Paulo Fernandez, Joao Borges de Oliveira, Domingos Vieira de Matos and Pedro Borges de Oliveira, as well as bank financing. The value of the deal should be around 70 million euros, which is a reference value for the deal with Media Capital.
Remember, Covina had a net result of €10.451m, operating profit of €13.6m and EBITDA of €8.9m. It is not yet known which investors have lined up in the process. + M / ECO knows that the group is not going to close, and among the investors there may be a sports agent, whose name it was not possible to establish.
The editorial, commercial and marketing team leadership will have already been informed of the process, but will not be involved in the process yet, You may know this week’s developments.
news a Management purchase The proposal was made this Monday by Jornal Economico, realizing that if this materializes, the group will be owned by its key employees, in what is called a clear return to the origins, when Correio da Manha was founded by Vitor Dereto and Carlos Barbosa.
And as far as M+ is aware, no official proposal has been made yet. Last week, Media Capital was informed that talks on a possible sale of the group to Mário Ferreira had ended, with Cofina reporting that talks for an internal solution would continue.
Contacted by +M, Cofina, which is listed on the stock exchange, does not comment on the existence of this operation. It was also not possible to obtain comments from Luis Santana and Octavio Ribeiro. Remember, Octavio Ribeiro was publisher da Covina and Managing Editor of Correio da Manhã and CMTV, leaving the group two years ago.
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