Use: This editorial was published for the first time on September 30, 2025, the week in which it was reported that the Italian group MFE could enter the capital of the Impresa group. It was republished on the night of Tuesday, October 21st, the day of Francisco Pinto Balsemão’s death. We offer our sincere condolences to his family and friends, as well as to all the workers of the Impresa group, on the departure of a personality who played a unique role in democracy, media and culture in Portugal.
The possible sale of Impresa – owner of SIC and the Express – to the Italian group MFE represents a turning point not only for the media sector, but also for some economic and political balances in Portugal. At the time these lines are written, the contours of the operation remain unclear. There are several scenarios on the table: acquisition of a majority stake in Impreger (the group’s holding company), launch of a takeover bid for Impresa, isolated sale of SIC, among other hypotheses. Whatever the model, everything indicates that we are facing the end of an era in Portuguese media, with ramifications that go beyond the universe of the sector.
This outcome, although predictable given Impresa’s capital needs, will not be the debacle that some anticipated – or desired. It will be a controlled withdrawal, or even just a partial one, depending on the exact contours of the business, which will save the Impresa group in a time of difficulty. It will, however, be a turning point.
For more than half a century, Francisco Pinto Balsemão was a central figure in Portuguese society. Liberal during Marcelism, founder of the PPD/PSD, prime minister after the death of Sá Carneiro. Lawyer, politician, journalist and businessman. Member of the State Council and influential international forums such as the Bilderberg group. Creator of Express and SIC, Balsemão built one of the largest private media groups in the country. As a media entrepreneur, Balsemão revealed vision and ambition, leading at a time when the sector was opening up to private companies, after years of nationalization after the 25th of April. His mark and influence remain visible in multiple cultural and institutional initiatives, revealing a multifaceted personality capable of leaving his legacy in the most diverse quarters of Portuguese society.
However, in the last two decades, the group has faced structural difficulties: the digital transition, the erosion of the traditional business model and some investments that have worsened debt and destroyed value for Impresa shareholders, as evidenced by the strong devaluation of shares in the last two decades. In this context of growing capital needs, Balsemão’s refusal to cede control to external investors, in order to maintain the family nature of the group, became unsustainable and put the future at risk.
It is in this context that the possible entry of an international group, the MFE, of the Berlusconi family will occur. But this change is not just important on a business level, which is why the operation is being closely followed by the political class. Impresa’s media have always reflected, in their editorial lines, the worldview of its founder: democrat, Europeanist, liberal in economics and customs, defender of an open society and promoter of independent journalism. Over the decades, this editorial line has shaped debates, influenced governments and contributed to consolidating the political “center” that Francisco Pinto Balsemão himself helped to found 50 years ago. The crisis of the Press coincides, in fact, with the crisis of this same “centrão”. We no longer live in times when television could “sell” presidents like soap, because new ones have emerged in the meantime. players digital technologies that reach young people more easily. But the influence of a media group like Impresa continues to be relevant and this change of cycle could also have effects on the political level.
Director of Diário de Notícias