After, in July, having made a proposal to buy Cofina – the group in which record is inserted -, Media Capital is preparing a program for the termination of employment contracts by mutual agreement, according to a statement published by the Securities Market Commission (CMVM).
In the note, in which the group reported the results for the first half of this year, Media Capital said that “it is in the process of reviewing its cost structure and its internal processes, which will be the engine and leverage for an increasingly more and more effective”.
According to the company, “a program for termination of employment contracts by mutual agreement will be announced and other measures will be taken to allow adequate management of available resources”, without giving further details.
The company explained that “although the cost reduction in the first half of 2023 has partially offset the drop in the group’s main source of revenue, generating an improvement in EBITDA (earnings before taxes, interest, depreciation and amortization) compared to the period counterpart” aims at “its substantial improvement in the second half of the year”.
Media Capital recorded net results from continued operations of negative 4.8 million euros in the first half of this year, an improvement compared to negative 7.9 million euros in the same period, according to a statement to the market.
In the note, published by the Securities Market Commission (CMVM), the company, which owns several media outlets, including TVI and CNN Portugal, said that in the first six months of the year, operating income reached 69.3 million euros when, in the same period of 2022, they had been 69.7 million euros.
“Income recorded in the first half of 2023 reflects a decrease of 7% compared to the same period in advertising income, motivated by the fall in the advertising market on open channel television, which saw a 5.1% drop until May 2023”, he explained.