Altice has entered into a definitive agreement with Promotora de Informaciones (Prisa) to acquire its 94.7 percent stake in Media Capital.
Media Capital is a Portuguese media group that encompasses both TV—including the free-to-air broadcaster TVI—and radio. Media Capital also owns the largest Portuguese content producer, Plural Entertainment.
Altice is planning to invest into digital expansion for Media Capital, as well as develop new TV channels and formats for the Portuguese market. The company is also looking to accelerate investments into Portuguese content and export that programming to other Altice territories, notably to France and the U.S.
The acquisition values Media Capital at €440 million ($502 million).
Michel Combes, CEO of Altice, said: “We are extremely excited about the acquisition of Media Capital. It is a unique opportunity to invest more capital in a market which has been our home for many years. We want to capture the many growth opportunities Media Capital offers not just in Portugal but also internationally based on an ambitious agenda focused on more digital, more content and more innovation. This strategy will bring benefits to all Portuguese media consumers while strengthening the Portuguese media landscape in the context of an increasingly global competition.”