The Board of Shareholders, Editor Group of El País, has backed on Wednesday with an overwhelming majority the management of the president, Joseph Oughourlian, at the head of the company. Oughourlian, appointed president more than four years ago, highlighted in his speech the good results of the media division and the area of education and the dynamism of the group in this period.
“We have rearranged business, we have accelerated their digital transformation, we have consolidated our position in Latin America and we have reinforced the relevance of our brands. And, above all, we have turned the financial situation of the group drastically reducing the debt and leverage,” said Oughourlian during his initial speech. “We are finally where we want to be. We can finally focus on the important thing, on the development of our products, the growth of our business and the commitment to excellence for all our readers, listeners and customers; in the face of society,” he added.
Shareholders have approved, with 99.52% of votes in favor, the management of the Council, the annual accounts of 2024 and the proposal to set in 14 the number of directors; and with 99.32%, the remuneration of the Board of Directors. They have also given green light, with more than 80%, to authorize the Council to be approved by capital extensions, as well as the proposal to apply the result of last year and the state of consolidated non -financial information and sustainability information.
Santillana Defense and refinancing
On the other hand, Oduourlian defended the success of Santillana and his transformative role in the education sector, and rejected any idea of a divestment. He assured that he “hurts” to see that he affirms “with such frivolity that Hurry is going to sell Santillana to deal with his debts or to finance new businesses.” “I tell it clearly: Santillana is an essential part of a hurry, an inalienable part that provides half of our income and 70% of our Ebitda. And, above all, it is a line of business that is absolutely overlapping in our purpose of promoting the progress of people and society,” he said.
For his part, the executive president of Santillana, Francisco Cuadrado, has highlighted the opportunities that await the division with the integration of artificial intelligence into the educational ecosystem, as well as the “social commitment to communities” in which the group is present.
Hurry culminated on May 6 the process of refinancing its debt, which extends up to 2029 the expiration terms and softens the financial ratios linked to the company’s departure, in addition to having greater financing capacity in Latin America. The president also mentioned the “elephant in the room”, the conflict with part of the shareholders. “This group is not a toy and we cannot distract ourselves with internal battles, but we cannot tolerate what private interests they intend to impose itself on common interest,” he said during his speech.
“Since I got to the presidency of Hurry I have not moved. I have always been in the place where I must be, in the presidency for the benefit of all the shareholders, all employees, all creditors. And from that position they will not move me,” he added. The president of Hurry has confirmed that the company will present a new strategic plan after summer. “I am tired of talking about intestine wars that make no sense, instead of talking about project, illusions and realities. The future of haste is brilliant,” he concluded.
Adolfo Utor, owner of 4.9% of the hurry shares, has taken the floor during the Board, offering his willingness to “continue working for share stability and why has a hurry.” Utor has affirmed that his confidence in the president of Hurry “is not the same” as when he entered the group, in 2023, “with desire and enthusiasm.” Oughourlian has responded to Utor that it is “of the few shareholders who has earned money in a hurry” since he entered, and that since then, the group’s ebitda has grown by 34%. “Isn’t it enough? I agree, we always have to do more. It is the demand that I have with all the teams.”
Utor has also pointed out as “complex” refinancing, which, he added, “has cost a lot to close.” The president of Hurry has defended the agreement: “It has cost us more for the uncertainty generated by the television project, the permanence of the management team … and the creditors have requested more. The noise has been negative for all the shareholders, but it is a very good agreement,” he said.
Subsequently, in a meeting with the press, the president of Misar has ruled out a sale of his shareholding package in the group, of 29.5%. “I am not leaving this company, leaving all the people who have invested in the last two years. And it would be a shame, because now the beautiful of this company is starting. It would be a shame to have been cleaned the financial structure,” he said.
Financial stability
For its part, the group’s financial director, Pilar Gil, highlighted the relevance of the refinancing sealed on May 6. “It guarantees us viability until 2029. In these times, financial stability is a superpower. Our work is to guarantee the independence and profitability of business. And, the truth, we are very proud to have achieved those guarantees. We have the solid basis we need to boost and continue to grow,” he said.
The Shareholders Board has approved the results of the last year, completed with an EBITDA of 185 million euros, revenues of 920 million and a negative result of 11.5 million, 65% lower than the previous year. The debt was at the end of 2024 at 750 million, 10% less, with a ratio on Ebitda at the lowest level in 20 years. “Exceptional operational results,” Gil summarized.
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