Impresa is under pressure: the Portuguese media group fell 5%
The securities held by Francisco Pedro Balsemão's media group continue to be harmed in the stock market by the purchase of TVI and the decision to sell or close its magazines.
The Impresa group, owner of Portuguese TV channel SIC, is under special pressure this Wednesday. With little over 110,000 transactioned shares (below the daily exchange average of half a million securities), the shares held by Francisco Pedro Balsemão’s company slipped 4.67% to 28.6 cents. Securities did fall to 5.33%.
This is the third consecutive session of losses for the Portuguese media group. It is also their worse session since August 24, when markets traded based on the news that the group wanted to sell or close down the majority of their magazines; only the magazine Caras and the weekly newspaper Expresso, as well as their internet projects, would be kept.
Since it was announced that Altice purchased SIC’s competing channel TVI, shares reached a 47.8 cents peak on July 29. Since then, Impresa has devalued almost 40%. The portfolio of the purchase is held by the Competition Authority, and has requested an opinion from the Social Communications’ Regulating Entity, which could reject the deal. Impresa has stated they are an interested party in the process.
