Hurry’s ordeal continues. The media group which owns, among other media, El País and Cadena SER, increased its losses to 37.3 million euros in the first nine months of the year, 1.5% more than in 2023. Revenues decrease and debt decreases by 89 million due to the capital increase, but debt interest charges continue to weigh on the group: 73 million in expenses against 50 million in operating results.
At the same time, the refinancing of the debt, an objective that the company had set before the summer, is not being achieved due to the refusal of creditors to postpone payment beyond mid-2026, as published in this newspaper. This leads the company to a new capital increase to further reduce its debt and try to reduce the financial costs which are drowning the group. Because the sale of Santillana Internacional is not moving forward either. “Now is not the right time to sell in Latin America,” say internal sources.
According to testimonies sent this Tuesday to the CNMV by Prisa, the media group she chairs Joseph Oughourlian It reduced its revenues over the first nine months of the year by 6.4%, to 634.6 million euros. Expenses were also reduced, but Ebitda fell 18% to 99 million. Without taking into account exchange rate effects in Latin America, ebitda would grow by 12%, underlines the group.
But the debt, although reduced by 89 million thanks to the latest capital increase of 99 million euros in the form of convertible bonds, remains at figures that are impossible for the group to manage: 781 million euros. This figure generates financial costs which stifle the group and endanger the expansion of the company.
For example, television. Prisa wants to apply for the new channel the government will launch next year, but it will need additional funding to be able to expand its business. The group will no longer be able to go into debt if there is no refinancing and if it is not sold. Santillana International.
