In a significant move that marks the end of a short-lived venture, Vocento has announced the closure of its digital sports outlet Relevo, just under three years after its launch in October 2022. This decision, communicated to the staff of approximately 75 employees on March 26, 2025, comes amid ongoing restructuring efforts within the company as it grapples with substantial financial losses.
The closure of Relevo is part of a broader restructuring strategy led by Vocento's CEO Manuel Mirat, who took over from Luis Enríquez in the autumn of 2024. Enríquez was instrumental in the establishment of Relevo, which aimed to attract younger audiences through a fresh approach to sports coverage. Despite its innovative focus and a growing social media presence, the outlet has struggled to achieve profitability.
In 2023, Vocento reported losses of €27 million, prompting Mirat to explore various options for the struggling sports division, including potential sales and partnerships. Unfortunately, attempts to negotiate a joint venture with Mediaset, aimed at deconsolidating Relevo, fell through when the proposed offer of around €5 million was deemed insufficient.
Despite achieving a 65.1% increase in revenue during the third quarter of 2024, bringing in €2 million, Relevo still reported an operating loss with an EBITDA of -€3.9 million. This financial reality underscored the challenges facing the outlet, leading to the decision to close it down.
“The advertising market did not support this project, which had difficult costs to assume,” Vocento stated in an internal communication. The company had initially anticipated several years of losses before reaching break-even, but the persistent financial strain proved unsustainable.
As part of the closure process, Vocento will initiate collective negotiations with the workforce in early April 2025. Of the original 80 employees, only about six or seven from the technical team are expected to remain, leaving many journalists and staff facing uncertain futures.
The closure of Relevo is not the only recent development for Vocento. The company has also sold its profitable real estate portal, Pisos.com, to an Italian group for €22.5 million, generating a capital gain of €18 million. This sale is part of Vocento's strategy to stabilize its financial position amidst projected historical losses that could reach €90 million.
Additionally, Vocento is working on a refinancing plan with major banks, including Santander, BBVA, CaixaBank, Sabadell, and KutxaBank, for loans due in 2026. These financial maneuvers are crucial as the company seeks to navigate a challenging media landscape and improve its overall viability.
The announcement of Relevo's closure has sparked reactions within the media community, with many expressing disappointment over the loss of a platform that sought to provide alternative sports coverage. Supporters of the project highlighted its unique approach to covering not only mainstream sports but also lesser-known disciplines, and the exclusive stories it produced during its brief existence.
Mirat's leadership marks a pivotal moment for Vocento, as he undertakes significant changes to reverse the company's fortunes. The closure of Relevo, described by some as a "foreseen death," signals a decisive shift in strategy following the legacy of Enríquez. As the company prepares to present its annual results for 2024, the focus will undoubtedly be on how these changes impact Vocento's future.
As the media landscape continues to evolve, the challenges faced by Vocento and its decision to close Relevo reflect broader trends within the industry. Many media outlets are grappling with declining advertising revenues and shifting consumer preferences, pushing them to adapt or risk obsolescence.
The fate of Relevo serves as a cautionary tale for digital media ventures, emphasizing the importance of sustainable business models and the need for adaptability in an ever-changing environment. As the dust settles on this closure, the question remains: what will be the next steps for Vocento and its remaining publications?
In the coming weeks, as Relevo winds down its operations, the attention will shift to how Vocento manages its workforce and navigates the financial hurdles ahead. The company's ability to rebound from these setbacks will be closely watched by industry observers and stakeholders alike.
