Former Global Media executive president Marco Galinha said on Tuesday that between 2021 and 2023 he invested “about 16 million euros” in the company, buying out debt from banks, raising capital and more.
Marco Galinha spoke before the parliamentary Committee on Culture, Communications, Youth and Sports at a hearing as part of the Bloco Esquerda (BE) inquiry into the situation at the Global Media Group (GMG).
“Between 2021 and 2023, I, as a shareholder, invested approximately 16 million euros in the company,” “purchasing debt from banks, increasing capital, purchasing assets and supplies.”
The bank’s debt “has been reduced from 68 million euros to less than one million euros,” Marco Galinha noted.
Earnings before interest, taxes, depreciation and amortization (EBITDA) increased from “negative 8.5 million in 2018 to balanced levels in both 2021 and 2022”, and from a human resources perspective “containment policies aligned with changes in the size of newsrooms and investments in new facilities and transmitter networks,” he continued.
“Let me highlight some results: 16 million investments, debt reduction and a positive EBITDA of two million euros at the beginning of 2023,” he concluded.
Based on the results of the first half of 2023, “the company had good prospects for the future,” emphasized the head of the Bel group.
The former executive president of Global Media also said that shareholders have already submitted an “urgent plan” to resolve the situation in the group, but have not yet received a response.
“We have already presented an urgent plan, but we also need an answer,” said the manager who owns the Bel group, stressing that “it is important to find a solution.”
“We are talking about the most valuable group, these are the most valuable brands in the Portuguese language,” said Marco Galinha, who several times told deputies: “Always count on me” to find a solution for GMG.
During the hearing, he also said he was “surprised by the management team” selected by the World Opportunity Fund (WOF).
“In fact, the fund failed here, there were obligations, plans were signed,” the manager continued, emphasizing that he “must have some reasons to explain” the current situation, namely the non-payment of December salaries.
“I don’t understand why this happened,” he commented.
Author: Lusa
Source: CM Jornal
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