Varela plans exit from Prisa, clearing path for Oughourlian ahead of elections

Internal sources report that Andrés Varela Entrecanales and the Global Alconaba consortium intend to withdraw from Prisa by selling their entire 7% holding, acquired in May 2022, to Telefónica. The plan includes redistributing the shares to fellow shareholders Adolfo Utor (5%) and Diego Prieto (3%). By exiting, Varela removes a principal challenger, allowing Joseph Oughourlian to consolidate his editorial and shareholder dominance ahead of the 29-N general election.

Oughourlian has recently reinforced his position through a rapid capital increase and bond swaps, securing at least a 50% stake and thwarting a coalition of other investors, including Carlos Slim, Santander and the Polanco family, from reaching a 51% majority. He has also forged non-aggression agreements with both the government and opposition leaders, ensuring minimal political resistance. The restructuring coincides with the launch of La Séptima, a new free-to-air TV channel, where Varela’s former shares are being reallocated, further financing the broadcaster. Despite these maneuvers, Prisa’s debt burden remains a concern for its long-term stability.