From Yahoo Finance: 2025-03-22 05:00:00

Amber Capital founder Joseph Oughourlian is fighting to maintain control of Spain’s influential media group, Prisa, after a decade-long shareholder activism campaign. Oughourlian, backed by French billionaire Vincent Bollore, faces opposition from pro-government Spanish businessmen who want him out due to his strained relations with the ruling Socialist party and rejection of a new pro-government TV station. The battle is a test of foreign ownership of media assets and has become Spain’s highest profile corporate drama since Grifols SA faced pressure from short seller Gotham City Research. Oughourlian has built a near 30% stake in Prisa since 2015 and is facing off against a shareholder group led by Jose Miguel Contreras, a former Prisa executive. The two sides are racing to garner investor support ahead of a crucial shareholder meeting in June.
Oughourlian’s fight for Prisa’s control has deep political roots, as the media group has historically supported Spain’s Socialist party and owns the nation’s largest radio station. Initially aligned with the Socialists, Oughourlian’s relations soured around the 2023 general election amid rumors of opposition ties. Tensions peaked when a project for a pro-government broadcaster was rejected by Prisa’s board, leading to the resignation of key executives. Those opposing Oughourlian argue that a foreign financial investor shouldn’t lead Spain’s iconic media group.
The battle for Prisa is part of Oughourlian’s history of shareholder activism, having previously targeted companies like Mediaset SpA and Lagardere. Complicated by an €800 million debt pile, Prisa is working to refinance maturities with Oughourlian pushing for debt term changes if he’s ousted. Both sides are seeking support from large shareholders like Carlos Slim and Banco Santander. Oughourlian’s appointment as chairman of El Pais has escalated tensions, with the June shareholder meeting looming large. The dispute holds historical significance as Oughourlian compares it to Franco-era takeovers, adding further complexity with convertible bonds still in play.

Read more at Yahoo Finance: Activist Hedge Fund Turns Prey as Spanish Media Fight Flares Up