Companies are offering a further investment of 150 million in order to take control
By Jenny Priestley
Published: June 14, 2021
Companies are offering a further investment of 150 million in order to take control
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Following their investment in Mediapro at the beginning of June, Searchlight and Invesco are now looking to take control of the beleaguered company.
According to Spanish newspaper El Confidencial, the two companies have presented a proposal to Mediapro's investors which would see them take control following an investment of 330 million.
Invesco, Searchlight and Gala Capital acquired 180 million of Mediapro's debt earlier this month. Invesco and Searchlight are now offering to invest a further 150 million in order to take control.
If the new offer is accepted, the company's majority shareholder, Chinese fund Orient Hontai Capital, would reduce its interest. Mediapro's second largest investor WPP has already reduced its 22.5 per cent stake in the company to zero.
Mediapro is currently unable to meet the payments on a 920 million loan it originally secured in 2018, and is due to make a payment of 26 million at the end of this month.
Mediapro saw its income drop by 38 per cent in 2020, amid recorded losses of 215 million.
Mediapro sells off part of its debt
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Companies are offering a further investment of 150 million in order to take control
