Executive director of Cofina Media and one of the promoters of Management Buyout (MBO) for the owner cmCMTV, Negócios, Record and Saturday stressed on Thursday that the company’s sale “is much more than a matter of money,” with values such as protecting jobs and freedom of the press at stake.
“The founders of MBO Cofina Media, in connection with the proposal presented this Friday by Media Capital, would like to clarify that the proposal presented by management is completely friendly, supported by a strong financial structure and motivated by the goal of protecting the company’s jobs in such a relevant and already fragile sector, as well as guaranteeing editorial independence and freedom of expression, which have always been the values of Cofina Media and CMTV publications,” said Luis Santana.
“Promoters also understand that with the structuring values of democracy at stake, the issue of selling Cofina Media is much more than a matter of money,” he concluded.
It should be remembered that Media Capital submitted on Thursday a binding offer of 80 million euros for all of Cofina, an amount that is five million more than the MBO offer put forward by the car company Expressão Livre, which will be directly or indirectly owned by investors Luis Santana, Ana Diaz, Octavio Ribeiro, Isabel Rodriguez, Carlos Rodriguez, Luis Ferreira, Carlos Cruz, Domingos Vieira de Matos, Paulo Fernandes, Joao Borges de Oliveira and Cristiano Ronaldo.
Lawyer Luis Miguel Enrique will be the player’s non-executive board representative if the deal goes through, according to Expresso.