La Tarcoteca

La Tarcoteca

domingo, 25 de noviembre de 2012

Banks own spanish main media

Translation from the article taken from Vertex Inmediaísta: Spain: The bank owns media groups.
The extra July / August issue of the journal 'Mongolia' appears with a detailed report that shows how deep these criminal institutions are in the ownership of the spanish mean media: Prisa, Unidad Editorial, Metro, Vocento, Grupo Godo ... all Large media conglomerates have banks among its major shareholders. Here an extract of the study:

Media and journalists like to see themselves as the Fourth Estate. A powerful image that makes them in addition a basic pillar of democracy. And, perhaps, still are. But it's doubtful that the power resides inside: the crisis has accelerated the "financialization of media companies," a very visible phenomenon in Spain.

The financial sector has always had a great influence over the media by two ways: by hiring advertising-banks are often among the major advertisers-and lending. But the recent crack shoot up debts of major Spanish media companies, and now, as they can not afford it, the bank is incorporated directly into the capital.

The group Prisa case , publisher of El Pais and owner of the Cadena SER, is paradigmatic. His debt was as high as 5,000 million € and reduce it to just 3,000M€. But by the way have joined capital from the Wall Street conglomerates , clustered in the Liberty vehicle, and now with Santander Bank, HSBC and Caixabank. And as the debt will still be too bulky, the company has opened its capital to twenty other banks.

On the companies board of directors of nearly every major media sit directly CEOs from the financial sector. And the symbiosis goes in two directions: the editors of La Vanguardia and La Razón are in turn vice CaixaBank and Sabadell Bank , respectively. The Fourth Estate should no longer put up with the pressure of the financial sector: now is directly the financial sector.

The major shareholders are Daiwa Securities, BH Stores IV BV, BNP Paribas, Bank of America, Asset Value Investors, Marlin Equities, Acquistions Berggruen Holding LTD, Deutsche Bank. Among all account for about 25% of current capital.

Furthermore, Caixabank, Banco Santander and HSBC will have a 20% stake in 2014 after swapping debt for equity.

Despite of all, Prisa debt is around 3,000 million€ and the company has invited the following financial institutions to redeem debt and join the company's capital or increase its current stake: BBVA, Banco Sabadell, Banesto, Bankia, Bankinter Banca March, Kutxabank, Banco Caixa Geral Spanish Cooperative Bank, Ibercaja, Banco Pastor, Banco Popular, ICO, Liberbank, Cajatres Bank Group, NCG Banco, Bankia, Banco Holy Spirit, Caixa Banco de Investimento, Vitybank, Crédit Agricole, Societe General, The Royal Bank of Scotland, Commerzbank, Fortis, Raiffeisen Cooperative Centrae Boerenleenkbank, Alie Street Investments, Banca Monte dei Paschi di Siena, BP Bank, Bank of America, Banco Itau, Bank Audi Saradar, Natixis.

The mean shareholder is Jose Manuel Lara, who in turn is vice president of Banco Sabadell.

The council includes Antena3 Marco Drago, director DeA Capital Fund (the fund linked to De Agostin, shareholder of A3) and Pedro Ramon Cajal (Renta4 Bank board).

The Board of Directors includes Fernando Azaola Arteche (BBVA CEO), Rodrigo Echenique (Santander Bank) and Jaime Castellanos (Lazard).

The owner of the group, Javier Godo, is in turn vice president and director of Caixabank Caixa. In 2011, the bank granted 7.5 million euros in loans to the group. The Board reduced the Group includes Luis Conde Godo (advisor Lazard CatalunyaCaixa and linked to).

Principal creditor: Caixabank, which oversees the restructuring through John Llopart, one of his trusted consultants and council strongman Zeta.

The first Spanish television is controlled by the Italian magnate Silvio Berlusconi. The Board of Directors includes Borja Prado (head of Mediobanca Endesa and counselor, whose shareholders are the Banco Santander) and Helena Revoredo (Banco Popular).

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