Legacy at Stake
Francisco Pinto Balsemão passed away at 88, but he never relinquished control of the Impresa group, the media empire he built from scratch that owns SIC and the weekly 'Expresso'. However, new challenges loom, raising the question of how much longer the company will remain in the Balsemão family's hands, as the financial accounts are proving difficult to sustain. Could this be the end of the empire?
Francisco Pedro Balsemão assumes legacy at Impresa with family support
Negotiations and Financial Woes
About a month ago, news emerged of negotiations with the Silvio Berlusconi family for the sale of a "significant stake" in the company. A solution is urgently needed. Last year, Impresa recorded a loss of 66.2 million euros. If the deal with the MFE - MediaForEurope group, owned by the Berlusconis, goes through, there will be a shift in power within the group left by Francisco Pinto Balsemão, whose CEO is his youngest son, Francisco Pedro Balsemão, with the risk of the clan losing control of the company.
Official Statement
"In light of the news reported in the media, Impresa informs that it has been notified by its majority shareholder that it is developing contacts, exclusively, with the MFE group to assess potential corporate operations for the acquisition of a significant stake in Impresa, although there is no binding agreement between the shareholder and MFE to that effect at this time," stated Impresa in a communication sent to the CMVM at the end of September.
Francisco Pedro's Role and Family Unity
In this scenario, what will happen to Francisco Pedro, who took on his father's legacy and rose through the Impresa structure to become CEO, and also to the other children, some of whom hold positions at SIC? "What is behind is important, naturally, but what matters is always to look forward. Creating is very important," was one of the legacies left to his children and grandchildren. The late Francisco Pinto Balsemão never settled into the golden cradle he was born into. On the contrary, being born into a wealthy family was an added responsibility for him.
The six heirs – his wife, Tita Balsemão, and the five children, Mónica, Henrique, Francisco Maria, Joana, and Francisco Pedro – show signs of being more united than ever. They will now have to respect the will left by the patriarch and divide the estate, estimated at around 40 million euros, including financial investments, bank accounts, and properties – the most luxurious being the family home in the exclusive Quinta da Marinha, in Cascais. In addition, there is revenue from the sale of the mansion in Lapa and with Francisco Pinto Balsemão increasing his wealth just three weeks ago, with the appreciation of Impresa shares by 6.3 million euros on Euronext Lisbon.
Potential Deal and Control Risks
To this must be added the potential proceeds from the possible deal to sell a "significant stake" in Impresa, but at what price? If they lose control of the group founded by the media magnate, it could be a price too high to pay.
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