Altice will promote Paulo Neves as executive chairman of the group in Portugal; he will take office after regulators approve the operation for Media Capital. PT Portugal will have a new CEO.
The CEO of PT Portugal, Paulo Neves, will take in new responsibilities in the Altice group within the purchase of Media Capital, ECO ascertained through sources from the company. The manager will become executive chairman for Altice in Portugal, and he will also coordinate both companies’ strategy. Because of this, in the next couple of days, PT Portugal will assign a new Chief Executive Office.
Altice announced last Friday the agreement with the Spanish Prisa for the purchase of the Media Capital group for 440 million euros, an operation to be performed through PT Portugal. The matter of governance was not highly discussed in the press conference about the sale; the only matter discussed was the intention of maintaining Rosa Cullel as the CEO of Media Capital.
According to what ECO was able to ascertain, Paulo Neves will be the man in charge of the sale operation in Portugal, with responsibilities in both companies’ board of administrators, as soon as the purchase of Media Capital is approved by regulators, which could happen in the end of the year. Even so, Altice decided Paulo Neves should quit the operational management of PT Portugal and focus on what needs to be done to conclude the operation.
After the Portuguese and Spanish regulators approve the deal, Paulo Neves will formally become the top responsible of the group in Portugal and will work directly with Rosa Cullel, from Media Capital, and with the new CEO of PT Portugal — still to be assigned.
When officially contacted, PT Portugal refrained from commenting.