Carlos Núñez has officially resigned as the President of Prisa Media, following significant internal conflicts within the company’s board. This development was disclosed on Wednesday, as Prisa announced plans for restructuring, which entails reducing its board members from 15 to 11. The resignation has been linked to the contentious deliberations over participating in the open competition announced by the Spanish government for obtaining a free-to-air television channel.
The company's president, Joseph Oughourlian, reportedly pushed for the exit of executives aligned with the Spanish Socialist Workers' Party (PSOE), leading to speculation about Núñez's forced resignation rather than voluntary departure. Internal sources disclosed to various media outlets indicate the turmoil stemmed from Oughourlian’s notable opposition to the television project proposed earlier by Núñez and supported by several board members.
During the intense board meeting on Tuesday, where these issues culminated, Núñez defended the viability and potential profitability of venturing back onto the television scene. Oughourlian, who controls 11 of the board's 15 directors, viewed this push as a betrayal against the strategic focus he wishes to maintain for Prisa Media, particularly following the company's substantial financial downturn.
Despite the setting of the resignation being framed as amicable, it has become clear to industry observers and insiders alike, through interviews and reports, including one from Expansión where Oughourlian remarked, "Investing in free-to-air television seems to me to be not a project of the future," indicating a preference for focusing on current successful operations rather than venturing back to what he calls "a project of the last century." This decisive move emphasizes Oughourlian's commitment to protect his significant financial stake, valued at approximately 300 million euros.
Núñez, who had been steering Prisa Media since 2021, is credited with boosting revenues and modernizing the company's management and operational strategies. During his tenure, he implemented key initiatives, such as the deployment of El País’s subscription model, which has successfully amassed over 400,000 subscriptions, alongside substantial advancements in digital offerings, including podcasts and streaming services. He acknowledged the formidable efforts of his team and reflected on his time saying, "These years have been very intense and gratifying because, thanks to everyone's effort, we have opened new paths for the group. The foundations for a more than hopeful future are now set for the company and its talented professionals. Now, I believe it's time to take on new professional challenges, wishing Prisa the greatest success."
The structural changes following Núñez's exit signal not only potential shifts within the executive sphere but also hint at future conflicts within the board as they restructure governance roles. Oughourlian, intent on consolid ation of power, aims to purge individuals he deems aligned with the PSOE, leading to heightened tensions within the already fragmented boardroom dynamics. There are talks of more potential exits, including high-profile figures such as the head of content, José Miguel Contreras, whose varying support for the television project has placed him at risk.
Prisa Media previously announced its decision against pursuing the television license, reaffirming its commitment to press and radio sectors, which retain strong audience backing. This plan was underscored by Oughourlian’s influence and directorial control, reflecting his strategy to alleviate financial burdens and direct efforts where the company is currently succeeding.
Looking forward, the media conglomerate will continue undergoing evaluation to establish the best fit for leadership roles under the new reduced board structure. The appointment process for Núñez's successor has commenced amid concerns about how future executive changes may impact the company's overall operations and strategic direction.
With Núñez's departure, Prisa stands at a crossroad, forcing it to juggle internal power struggles with the necessity for strategic coherence as it navigates the turbulent waters of the media industry. The shifts within Prisa Media highlight the often tumultuous interplay between vision, leadership, and the substantial impact of shareholder influence on corporate strategy. How Prisa adapts and thrives remains to be seen, but the immediate future holds the promise of significant changes as the company strives to assert its identity and continue its growth.