Impresa, the media group controlled by the Balsemão family and owner of SIC and Expresso, is in urgent talks to bring in a new shareholder, with Italy’s MediaForEurope (MFE)-8 founded by Silvio Berlusconi - now officially confirmed as a negotiating partner. The company’s critical financial state, marked by historic losses, equity erosion, and a cash crunch, means a deal must be struck in the coming months to avoid collapse.
The urgency comes from a fragile financial chain: SIC, the profitable subsidiary, is taking on debt to pay dividends upstream to Impresa SGPS, the listed holding company, which in turn cannot cover even its interest payments without those funds. In 2024, Impresa SGPS posted a consolidated loss of €66M, saw equity plunge by 37% to €93.8M, and ended the year with just €0.03 in liquidity for every euro of short-term debt.
SIC, meanwhile, generated €151M in revenue and €4.8M in net profit, but distributed €8.3M in dividends - almost double its profit - financed largely through new loans. This “vicious circle” has left SIC highly leveraged, with €10 of debt for every €1 of equity, and forced to issue expensive retail bonds at nearly 6% interest just to roll over older debt.
MFE, a European media heavyweight with €2.95B in revenues and €137.9M in profits in 2024, is now seen as Impresa’s lifeline. For the Balsemão family, options are narrowing: either accept fresh capital via a stake sale or risk triggering covenants that could allow banks to demand immediate repayment of loans.
According to market speculation, MFE could either buy SIC outright, excluding Expresso, or inject capital into Impresa SGPS or its holding Impreger, diluting existing shareholders but recapitalizing the group. As CEO Francisco Pedro Balsemão admitted earlier this year, “If it’s a win-win relationship, we won’t close that door.” Now, with finances worsening in 2025, that door stands wide open.
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