Italian MFE is now Impresa’s second largest shareholder

MediaForEurope (MFE) is now Impresa’s second largest shareholder. On Tuesday, after the Portuguese Securities Market Commission (CMVM) considered that sufficient evidence had been presented that the Italian group does not exercise dominant influence over Impresa — and therefore does not have to launch a takeover bid — and a new general meeting of shareholders voted again on the injection of €17.325 million, fully subscribed by the new shareholder, the capital increase proceeded immediately.

“The capital increase was, as of today, fully subscribed and paid up by MFE, through a cash contribution of €17,325,000”, reads the statement published on the CMVM website. As a result of the capital increase, Impresa’s share capital now stands at €101.325 million.

Impreger, whose majority shareholder is Balseger, which in turn is owned in equal parts by the five children of Francisco Pinto Balsemão, now holds 33.738%, MFE holds 32.934% and the remaining shareholders hold 33.328%.

On Tuesday, a shareholders’ agreement was also signed between MFE and Impreger, according to which the latter retains the right to appoint the majority of the members of the board of directors, including the chairman and CEO.

It was also stipulated that MFE must, “as a rule, exercise its voting rights in accordance with Impreger’s instructions, with only certain reserved matters being excluded from this obligation, including, in particular, capital increases and reductions, mergers, demergers, dissolution and transformation of the company, in relation to which MFE is not bound to vote according to Impreger’s instructions”.

As a result, the group’s board of directors now consists of nine members, six of whom are appointed by Impreger and the remaining three by MFE.

Impreger representatives on the Board of Directors:

• Francisco Pedro Balsemão, who will now combine the roles of CEO of Impresa with those of Chairman;
• Pedro Barreto, who remains as vice-chairman of the group and becomes a member of the Audit Committee;
• Filipa Mendes, who remains as chairwoman of the Audit Committee;
• Luísa Anacoreta Correia, who will remain temporarily as a member of the Board of Directors, ceasing her duties on the Audit Committee (where she will be replaced by a new member).

The following will join the Board of Directors as members:

• Ricardo Costa, currently administrator of the Group’s subsidiaries;
• Ana Sengo Costa, currently Director of Production and Distribution at Impresa.

Proposed by MFE, the following join the Board of Directors:

• Michele Giraudo, non-executive director;
• Massimiliano Ventimiglia, non-executive director;
• Massimo Musolino joins as a non-executive member of the Board of Directors and the Audit Committee.

In terms of departures, Luísa Anacoreta Correia and Catarina Duff Burnay are stepping down from their positions as directors and members of the Audit Committee. Francisco Maria Balsemão is also stepping down from the Board of Directors, “but will remain within the group as director and representative of Impreger in its relationship with Impresa and, therefore, with MFE”, the Portuguese company explains in a statement.

“This new Board of Directors, whose term ends at the end of 2026, will remain in office beyond that date, under the terms of the shareholders’ agreement between Impreger and MFE”, adds Impresa.

“Today is a historic day for Impresa. MFE is a leading media group in Europe, with whom we share a vision for the future based on revenue growth, proximity to viewers and innovation. Together, we will develop new business areas and strengthen our operations, always underpinned by quality, freedom and independence and our unique connection with the Portuguese public”, comments Francisco Pedro Balsemão, CEO and, since Tuesday, also chairman of the group, succeeding Francisco Pinto Balsemão, chairman and founder of Impresa, who died on 21 October 2025, at the age of 88.

“This transaction marks what the parties hope will be the beginning of a close and collaborative partnership between Impresa and MFE, based on a common vision of the industry and a genuine commitment to creating long-term value for its stakeholders, with a shared focus on growth in the pan-European entertainment and media sector. The continued involvement of the Balsemão family will be key to driving Impresa’s strategic direction and addressing the challenges ahead”, the Italian group added in the same statement.