Tensions between the government and the president of Prisa are escalating over control of the group.

BarcelonaThe battle to subdue Spain's leading media group has only just begun, and the Moncloa government is beginning to pull strings to gain a dominant position. The French weekly Le Point revealed this weekend that on February 12, within the framework of a summit on artificial intelligence in Paris, the Spanish Minister of Digital Transformation, Óscar López Águeda, and the new president of Telefónica, Marc Murtra, met with Arnaud de Puyfontaine, chairman of the board of directors of Vivendi, the media group controlled by the media group controlled by the media group controlled by the family. The objective: to get them to join the alternative majority that is helping to forge Pedro Sánchez's executive within the Spanish conglomerate, with the aim of forcing the replacement of its current president and chief executive, Joseph Oughourlian.

According to the French media, the message from the Spanish delegation at Vivendi was unequivocal: "Sell your stake in Prisa to friendly shareholders that we will indicate to you. Otherwise, you can say Hello to the advertising budget of Telefónica managed by its Havas subsidiary." Le Point He emphasizes that "the pressure from Madrid speaks volumes about the methods used by the Socialist government to extend its influence over the Spanish media and exclude people it considers hostile." On Saturday night, on the program laSexta ExplicaThe minister in question called the French media outlet's report a "lie." He did admit the meeting took place, but according to his version, it was a two-minute encounter, the Prisa group was not discussed, and other media executives were actually present. "This government does not interfere in the internal politics of a private group. It never has," López sought to conclude.

In any case, this Monday the PP requested Murtra appear before Congress to explain the content of the meeting. Telefónica does not have a direct interest in the management of Prisa, having sold 7% of its shares to Global Alconaba in 2022 and the remaining stake in the following months.

Another element to keep in mind is that, at the end of 2021, Vivendi requested permission from the Spanish government to expand beyond 10% within Prisa, to 29.9%. He had to formally request it because, with the first COVID-19 state of alarm in 2020, a decree was passed regulating these foreign holdings with the aim of preventing hostile transactions by investment funds within Spanish listed companies. The fact that far-right leader Éric Zemmour was growing in the media spotlight on one of Bolloré's television channels raised suspicions about the move, and the Sánchez administration delayed approval by requesting additional information until the group finally gave up.

All in all, the businessman is considered a pure businessman, who responds better to business proposals with numbers in hand than to political threats. And there is a great complementarity between Movistar+, part of the Telefónica group, and the French Canal+: the former dominates Spain and Latin America, while the latter are leaders in France and Africa. The synergies are tempting, and, after all, Vivendi already owns 1% of Telefónica.

Who are the "friendly shareholders"?

The "friendly shareholders" mentioned in the article Le Point There are basically three: the holding company Global Alconaba (chaired by businessman Andrés Varela Entrecanales), Adolfo Utor (president of the shipping company Balearia), and Diego Prieto (businessman). The three together hold 17% of Prisa, and if Vivendi were to support them, they would add an additional 11.9%, which would give them a 28.9% stake, enough to challenge Oughourlian's 29%.

It is also believed that another trio of major owners could join the mutiny, such as Banco Santander (4.2%), the Polanco family (7%), and Mexican businessman Carlos Slim (7%, although the latter's support is not finalized). Together, and including Vivendi, they reach 47.1%, and the goal of 51% seems possible by bringing on board other small shareholders. The key date is June, when the group's new shareholders' meeting is due to be held.

Another card Oughourlian holds in his hand is the economic one. Under his leadership, Prisa has managed to reduce the enormous debt it had been carrying since the 2008 crisis, which reached over €5 billion. The group has improved its finances and is pending a refinancing agreement with American investors, who approve of his management.

A stillborn television

The current chapter of this internal war begins at the end of February. Oughourlian makes a statement to strengthen his control over the conglomerate that ownsThe Country, Five Days, Ace, the publishing house Santillana or Cadena Ser, among many others. The trigger was the project to set up a free-to-air television channel promoted by executives of the company close to the PSOE (Spanish Socialist Workers' Party), but which this French financier of Armenian origin and the group's main shareholder does not see clearly, numbers in hand. When he shoots down the idea, he understands that it will open a schism within the group and removes two of the executives most aligned with Moncloa, Carlos Núñez and José Miguel Contreras (the latter considered the architect of the counterattack operation).

But the president of Prisa does not stop there. He launches a review of the group's board of directors to reduce from 15 to 11 directors, which will allow him greater internal control. And, on Sunday, it is announced that he himself becomes president ofThe CountryThe day after this maneuver, the newspaper published an op-ed by him which, despite Minister López's denials, once again points to Telefónica's involvement in the operation to oust him: "It would be unacceptable if, when we are remembering the death of dictator Francisco Franco 50 years ago, anyone were to fall into the temptation of looking at him as an instrument," he wrote. The comparison with Franco and the accusation of interference raise the temperature of relations with the PSOE and are unlikely to be the last episode of this confrontation.