Termination Program by Mutual Agreement and Other Proceedings – Fora de Campo is prepared by Media Capital

The company incurred a loss of 4.8 million euros in the first half of the year

After, in July, after making an offer to buy Cofina – the group that register Listed – Media Capital is preparing a program to terminate employment contracts by mutual agreement, according to a statement published by the Securities Exchange Commission (CMVM).

In the note, in which the group reported results for the first half of this year, Media Capital said it was “in the process of reviewing its cost structure and internal operations, which will be the engine and financial leverage for more and more effective”.

According to the company, “The program for terminating employment contracts will be announced by mutual agreement, and other measures will be taken to allow the appropriate management of available resources,” without going into further details.

The company stated that “although the cost reduction in the first half of 2023 partially offset the decline in the group’s main source of revenue, which led to an improvement in earnings before interest, tax, depreciation and amortization (EBITDA). [resultado antes de impostos, juros, depreciações e amortizações] On an annual basis” it aims to “improve it significantly in the second half of the year.”

Media Capital recorded net results from the continuation of its negative operations amounting to 4.8 million euros in the first half of this year, which is an improvement compared to negative 7.9 million euros in the same period, according to a market statement.

In the note, published by the Securities Market Authority (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 amounted to 69.3 million euros when, in the same For the period from 2022, it was 69.7 million euros.

He explained that the income recorded in the first half of 2023 reflects a decrease of 7% compared to the same period in advertising income, driven by the decline in the advertising market on open TV channels, which witnessed a decrease of 5.1% until May 2023.

by Lusa