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Mediapro secures €120 million to weather coronavirus storm

Includes €55 million from Deutsche Bank

Spanish media rights company Mediapro has secured €120 million as it deals with the impact of coronavirus on the business.

According to Spanish newspaper El Confidencial, Mediapro’s parent company Imagina has secured a €55 million loan from Deutsche Bank, which it has to match with contributions from its shareholders.

Mediapro’s CEO Jaume Roures and Imagine chairman Josep Maria Benet will also contribute €6.6. million each.

Earlier this month it was reported Mediapro had attempted to secure a loan of €125 million from Deutsche Bank which would have had a guarantee from the Official Credit Institute (ICO), the state-owned bank in Spain.

Mediapro has already filed for the Spanish government’s ERTE schemes, which allow employers to lay off or temporarily suspend staff. The company hopes to return 100 per cent of those affected to work on their original salaries in due course.