Ronaldo enter in media buying 30% in biggest Portuguese daily

  • ECO News
  • 30 June 2023

The footballer could buy a 30% share of Cofina Media, according to sources heard by ECO. On the table is a MBO operation for around 70 million.

Cristiano Ronaldo is buying a stake around 30% on Cofina Media, the owner of CMTV, Correio da Manhã and Jornal de Negócios, within the scope of the Management Buy Out (MBO) of the Portuguese media group, ECO reported based on sources familiar with this matter. Meanwhile, the board member of Cofina Media, Luís Santana, confirmed this news.

“Counting on Cristiano Ronaldo, the best footballer ever, an exceptional athlete who shares the values of demand, rigour, work and resilience, as an investor is naturally a great reason for satisfaction for the team that is developing the Management Buy Out of Cofina Media, which will be presented to the shareholders in due time”, said Luís Santana, Cofina Media’s board member, and one of the MBO leading figures.

The details of the operation are unknown for now, but according to sources, the current reference shareholders of Cofina Media SGPS, holding that controls 100% of Cofina Media, will keep their position in the media group, although with lower positions, joining the MBO leading managers and Ronaldo. Each group will have a 30% share, according to sources heard by ECO. On the table is a business around 70 million euros.

Meanwhile, the Portuguese Securities Market Commission (CMVM) decided at 11:01 on Friday to suspend trading in Cofina shares on the day.

“The Board of Directors of the Comissão do Mercado de Valores Mobiliários (CMVM) decided on 30/Jun/2023 at 11:01 (UTC), in accordance with article 214 and paragraph b) of paragraph 2 of article 213 of the Código dos Valores Mobiliários, the suspension of trading of Cofina, SGPS, SA shares, pending the disclosure of relevant information to the market,” said a statement sent by the supervisor.