The Portugese media group has interests in both TV and radio and owns the largest Portuguese content producer, Plural.
Altice N.V. (Euronext: ATC, ATCB) (Altice) announces today that it has entered into a definitive agreement with Promotora de Informaciones, S.A (Prisa) to acquire Prisas 94.7% stake in Media Capital SGPS, SA (Media Capital).
The acquisition values Media Capital at €440 million ($502 million). In addition, Media Capital Digital's portal IOL is the second-largest national internet gateway.
Altice said it will invest in digital expansion and Portuguese content, develop new TV channels and formats and enhance their reach, and launch new and innovative services. Altice is expected to boost content offered by its Portugal Telecom unit, whilst also exporting content to other units in France, Israel and the US.
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The acquisition underscores Altice strong commitment to Portugal, which already serves as the global technology hub for Altice Labs. In accordance with Portuguese securities law, Altice has announced on the date hereof the launching of a mandatory takeover offer for the remaining 5.3% of Media Capital which is not owned by Prisa.
Media Capital reported 2016 revenues at Euro 174.0 million and EBITDA at Euro 41.5 million.
Altice said it is committed to continuing Media Capital's open platform in the Portuguese market.
"This strategy will bring benefits to all Portuguese media consumers while strengthening the Portuguese media landscape in the context of an increasingly global competition".