Group of businessmen offers 12 million to buy “Jornal de Notícias” and “O Jogo”

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A group of national businessmen, which includes Marco Galinha, submitted a proposal to WOF for the purchase of “JN” and “O Jogo”, revealed José Paulo Fafe in Parliament. From what JE found, there is another proposal on the table, from a consortium of businesspeople, for a capital increase of five million to stabilize the company’s treasury, in exchange for a 51% stake.

A group of businessmen, including Marco Galinha, presented a proposal to the World Opportunity Fund (WOF) to buy “Jornal de Notícias” and “O Jogo”, for 12 million euros, revealed the CEO of Global Media, José Paulo Fafe (in the photo), at his hearing in Parliament, last Tuesday night. José Paulo Fafe, who was nominated by the WOF fund for the executive presidency of Global Media, considered that this proposal would not solve the group’s problems, which is in serious financial difficulties and has outstanding salaries.

The 12 million euro proposal would include the transfer, to buyers, of the tax debt of 6.9 million euros (which is being paid in installments under a regularization plan), so the net proceeds for Global Average would be around five million euros. Furthermore, the group would lose “JN”, which is its only profitable newspaper, with an EBITDA of around 1.5 million euros.

According to what Jornal Económico found, WOF received another proposal, also from a group of national businessmen, to carry out a capital increase of at least five million euros, to stabilize the company’s treasury, in exchange for a stake of 51%. Until closing, it was not possible to determine whether the proposal was delivered by the same consortium of businessmen of which, according to José Paulo Fafe, Marco Galinha is a member.

Businessman Marco Galinha was until July the main shareholder of Global Media, through the holding company Páginas Civilizados, which controls 52% of the capital. He later sold control of the latter to WOF, remaining as a minority shareholder, with 49%. Galinha was also heard in Parliament on Tuesday and said that WOF did not fulfill the commitments it made in the acquisition contract and guaranteed that its legal team will put in place all the necessary legal mechanisms to resolve the situation.

In turn, in his hearing, José Paulo Fafe said that the group’s situation is due to poor management by previous administrations and promised that salaries for December will be regularized at the beginning of next week. On Monday, he explained, he had the “promise that, by the beginning of next week, [de] a transfer that pays the salaries that are in arrears” and “the fund’s promise to analyze the possibility of creating an extraordinary aid package” for the group.

Workers at “Diário de Notícias”, “Jornal de Notícias”, TSF, “Dinheiro Vivo” and “O Jogo” yesterday completed a day of strike over unpaid wages, with union delegates signaling full support.