Joseph Oughourlian, the founder of activist hedge fund Amber Capital, is fighting to maintain control of Spain’s most influential media group, Promotora de Informaciones SA (Prisa), as a coalition of pro-government Spanish investors seeks to push him out, according to a report by Bloomberg.
For over a decade, Oughourlian has been the driving force behind Prisa, the owner of Spain’s leading newspaper El País, leveraging his nearly 30% stake – the maximum allowed before he must make a takeover offer – to steer its strategic direction. However, tensions with Spain’s ruling Socialist party have escalated, particularly after he blocked plans for a new pro-government television station.
Now, a shareholder group led by television producer and former Prisa executive José Miguel Contreras — holding nearly 19% of the company — is working to remove him.
The battle has transformed into one of Spain’s most high-profile corporate disputes, drawing parallels with last year’s high-stakes short-selling attack on pharmaceutical giant Grifols SA. This fight though, has broader implications, pitting a foreign hedge fund investor — backed by French billionaire Vincent Bolloré — against Spain’s political establishment in a test of foreign ownership in national media.
The outcome of this power struggle may hinge on the support of Bolloré’s Vivendi SE, Prisa’s second-largest shareholder. Oughourlian is actively working to maintain Vivendi’s backing, while his opponents are reportedly exploring ways to influence the French tycoon’s stance, including leveraging the state-backed telecom giant Telefónica SA’s business ties with Bolloré’s advertising firm Havas.
Reports indicate that Spanish Digital Affairs Minister Óscar López and Telefónica Chairman Marc Murtra recently met with Vivendi’s CEO in Paris to discuss the situation. While López has denied any link between the meeting and Prisa, the gathering has fueled speculation over potential government intervention.
Prisa’s financial situation adds another layer of complexity to the fight. The company is burdened with €800m in debt, and Oughourlian is negotiating with creditors—including Pimco—to refinance upcoming maturities. As part of this effort, he is reportedly pushing for a “key-man” clause that would trigger changes in debt terms if he is removed, effectively creating a poison pill to deter his ouster.
A potential capital increase is also under discussion, which could further shift the power dynamics among major shareholders, including Mexican billionaire Carlos Slim and Banco Santander—both of whom have yet to take sides in the dispute.
With a critical shareholder meeting scheduled for June, both factions are intensifying efforts to rally investor support. Oughourlian has taken an increasingly combative stance, assuming the role of El País chairman on 16 March. The next day, he published an op-ed comparing attempts to wrest control of the newspaper to tactics used during Spain’s Franco era – an incendiary reference as the country approaches the 50th anniversary of the dictator’s death.
Adding another layer of intrigue, Prisa’s 2023 issuance of convertible bonds could come into play. The pro-government camp fears that Oughourlian or an ally may hold a significant unconverted stake, potentially tilting the balance in his favour when voting rights are exercised.
