PRISA’s executive chairperson, Joseph Oughourlian, spoke this Wednesday of the company’s prospects for growth, saying that the Group has a great future in education and in the media. Speaking at a breakfast organized by the Nueva Economía Forum, Oughourlian said that the Group’s brands play a fundamental role in Spanish democracy and in all those countries where they are present.
Oughourlian also outlined the importance of the debt refinancing agreement, reached in February this year. “The company had a debt problem for 15 years. And for a long time, the debt was not refinanced, it was restructured. Creditors would come and tell us that a certain asset had to be sold. And that was a bad signal to the markets”, explained the executive chair, who added that refinancing was his first major goal. “We have reached a flexible agreement, until 2026, and that is good for the company”, he explained. Though he hastened to add that the company still has excessive debt, he said his goal now is to reduce it.
Oughourlian pointed out that the PRISA’s media have had a consistent editorial line throughout their history: "I’m proud to preside over a company such as this, with quality media that verify and check news and information".
PRISA also has a unique radio presence thanks to a “spectacular” asset such as Cadena SER, which reaches every town in Spain, and which ranks Number One in countries such as Colombia, Mexico and Chile. “I firmly believe in the future of radio, which is going to evolve from linear to non-linear”, said Oughourlian, adding that the Group has a very strong commitment to the podcast format.
With regard to Santillana, the Group’s chair spoke of the sale of the Spanish division in 2020 before highlighting the enormous potential of the education business in Latin America, where the company leads a teaching model based on digital technologies. Oughourlian recalled the closure of schools in Latin America during the pandemic and the solutions offered by Santillana: “We offered schools our digital products, which add enormous value to the learning experience. And now in every country where we are present, we’re seeing better results”.
Oughourlian defended the agreement with the Godó Group to buy the latter’s minority stake in PRISA's radio business: "We reached an agreement that demonstrated PRISA's commitment to radio, which this year is the business that is performing best in terms of revenue and results”.
The chairperson also championed the Group’s commitment to the world of video. "I just don’t understand a newspaper that does not offer video on its website, which is something that young people want," he concluded.
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