05/05/2012
N+1 AND THESAN CAPITAL STUDY TO TAKE PART IN THE REGIONAL TELEVISION PRIVATIZATION.
The private equity firms N+1 and Thesan Capital might be interested in the privatization or sale of TV chains to be carried out by regional governments after the legal amendment approved by the Government. Mediapro, Vértice and Sequoia, the three largest TV services companies in Spain, may also be interested.
Thesan Capital, Nomura’s investment arm, specializing in turnarounds, has taken part as a shareholder of Vértice and may be interested in attending, as well as N +1, to any contests convened by regional governments. By now, Telemadrid, Canal Nou and Televisión Castilla-La Mancha have shown their willingness to implement these processes. These audiovisual producers see an attractive opportunity to increase their television outsourcing management business, especially now that big private chains are adjusting to maximize their advertising costs by the crisis. This activity moves €1,000 million between advertising and grants.
It is not decided yet the model chosen by regional government that decide to give up their chains, which can range from full or partial privatization to the transfer of chain´s management and also its liquidation. The regional chains have suffered in recent years a strong fall in audience and advertising revenue, while costs have remained the same line.
Another private equity firms specializing in restructuring companies like Hiperion or Sherpa Capital last their reports.