The permanence of Joseph Oughourlian as president of Hurry is collected in the current group refinancing structureaccording to knowledgeable sources of the agreement signed at the time. This was conditioned by the creditors of the media company, among which the one with the most weight is the Pimco asset manager.
It is common for financing and refinancing contracts to be included clauses by which the structure is linked to the maintenance of a president or management team. They are also usually closely linked to the maintenance of the company’s capital structure, something that also occurs. And if that changes, debt conditions are reviewed to adjust to the new reality.
In the case of Prisa, as well as, as said ‘El Confidencial’, he is now pending to close a new refinancing of his debt in negotiations under the leadership of Pimco in which, again, the operation itself would be linked to the maintenance of Joseph Oughourlian as the leader of the company. From the asset manager they are not pronounced, but knowledgeable sources indicate that the new refinancing is still negotiating.
This extreme is fundamental since it serves in a way as a kind of armor for the businessman of Armenian origin, who is in the Diana de la Moncloa After his refusal in Rotundo To go to the new television license that the Government of Pedro Sánchez will take; A project that José Miguel Contreras had been promoting, who was the man of the president of the Spanish Executive in the media group.
Contreras has been the main courage to hurry to join the Sánchez TDT project but Oughourlian and a majority of the Board of Directors rejected the project. The businessman, after refusing to enter the television of the Executive, led to the departure of Contreras. At the same time, he also proposed the resignation of Carlos Núñez, president of Middle Middle.
Given this situation of continuous clashes with the government, Moncloa has set the goal of throwing Joseph Oughourlian – also president of ‘El País’ – of the presidency of the media group. A maneuver for which, however, and for the moment, I would not have enough support. The top leader is also the main owner of the company, through Amber Capital, with 29.5% hurry; It also has the support of the French of Vivendi, with 11.79% of the capital – with whom it has a verbal mutual support agreement – and the Polanco family with 7.6%. On the opposite side, Contreras and the government add to Global Alconaba, which is 7%, and other minor shareholders.
Murtra participation
The internal war for the hurry control promises to have new chapters and is far from resolving in the short term, in a pulse for the power in which Moncloa has come to use Telefónica for its purposes. The Government, with 10% of the Teleco, placed Marc Murtra, related to the PSC, as president of the operator.
In that control exercised by the Executive on the Telecommunications Company, La Moncloa asked Murtra to call the CEO of VivendiArnaud de Puyfontain, to convince him to be on the side of the government in his fight against Oughourlian. They were not successful, and on the occasion of an artificial intelligence summit in Paris, Óscar López, Minister of Digital Transformation, and Murtra arranged an appointment with the French CEO.
It was in that appointment that, through Murtra, they threatened Arnaud de Puyfontaine with withdraw the Millionaire Media Contract for your subsidiary that they had with Telefónica if he did not agree to sell their participation in hurry to the shareholders related to the government. From Telefónica they do not comment on the maneuvers that involve Murtra, although market sources point out that this is part of their private agenda.
This movement caused yesterday Borja Sémper, spokesman for the Popular Party, announced that they will ask for the appearance of Murtra in Congress to explain, together with Minister López, his meeting with Vivendi.
Debt refinancing
The main challenge of the president of Prisa is to ensure the refinancing of the 750 million euros of debt that he still has to win between four or five years of margin against Pimco, his main creditor.
Reduction of the number of directors
The new president of ‘El País’ also wants to reduce the number of directors, to lobrar to those members not related to their management, including Andrés Varela Entrecanal, representative of Global Alconaba, and businessman near La Moncloa, who supported José Miguel Contreras on the new digital television.
Likewise, Oughourlian himself, who is now also president of ‘El País’, defends himself from the government’s maneuvers. He did it today with a tribune in the aforementioned medium in a hurry, to criticize the attempt of the Executive to expel him from the group: «It would be unacceptable that, when we are remembering that 50 years ago the dictator Francisco Franco died, someone fell into the temptation to try to take possession of an independent media from power, well directly, well using a state -owned company as an instrument».
For all these reasons, the manager transmitted that “today is more necessary than ever to remain firm our values and our closed defense of quality journalism, despite the pressures of all kinds that pollute the exercise of honest and professional work, based on editorial freedom and independence”, in Clara Reference to Moncloa pressure.
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