Joseph Oughourlian, the president of the media group Prisa, is poised to take strategic measures to maintain control of the company, which owns the influential newspaper El País and radio network Cadena SER, in opposition to the Spanish government's maneuvers.

Oughourlian reportedly believes he has sufficient leverage to prevail in the upcoming shareholders' meeting, even if he loses the backing of French media giant Vivendi, which has traditionally supported his direction.

Amber Capital, the investment fund through which Oughourlian controls nearly 30% of Prisa’s shares, has indicated that they could form a majority in the meeting without Vivendi’s involvement.

Vivendi holds a 12% stake in Prisa and has been a key ally for Oughourlian.

Reports suggest that the Moncloa administration is trying to undermine this relationship, with plans to facilitate government-aligned shareholders acquiring Vivendi’s stake to create a majority alongside the Polanco family and other partners aimed at ousting Oughourlian.

Sources in Amber claim that the government's approach may backfire, suggesting that attempts to offer substantial sums for the Vivendi shares could still leave the government's allies in a minority position.

The annual shareholders' meeting is traditionally held in June, and Oughourlian appears resolute and motivated, planning to confront government-affiliated shareholders led by the Alconaba group.

Amber has emphasized that Oughourlian’s determination to stand firm is not only about preserving his interests in Prisa but also about safeguarding the investments of stakeholders who have relied on his management over the years.

Although Oughourlian currently has no personal communications with the government, he is committed to remaining at the helm of Prisa or achieving a price for his shares that he deems acceptable, significantly higher than the current market reflection of €0.40 per share, which closed on a slight increase of 2.06% amid the ongoing dispute.

Prisa's total valuation stands at approximately €425 million.

It has been acknowledged by government-affiliated shareholders that Oughourlian controls more shares than those officially reported through Amber, though not enough to secure a definitive majority.

The exact number of shares Oughourlian holds remains undisclosed, but it is noted that he has a better grasp than his rivals of the true trajectory of Prisa’s capital increases in recent years.

Vivendi has refrained from commenting on the future of its stake and whether the plan proposed by the government—offering an exit in return for some form of partnership with Movistar Plus, the subsidiary of Telefónica—could be appealing.

Additionally, speculation surrounds a potential fallout between Telefónica and Havas, the advertising agency controlled by Vivendi, as Telefónica’s CEO has threatened to sever ties with Havas if Vivendi continues its support for Oughourlian.

This contract, valued at €80 million over two years, remains pivotal in the ongoing dynamics.

Amber has also pointed out that Pimco, responsible for refinancing Prisa’s debt, ties its support for the agency's operations to Oughourlian’s continued leadership.

This detail has garnered attention, particularly as Pimco’s CEO, Emmanuel Roman, a former board member of Prisa, oversees the evolution of the group's €750 million debt.

In a recent opinion piece published in his own publication, Oughourlian directly criticized the Spanish government, stating it would be unacceptable for anyone to attempt to exert control over an independent media outlet, especially in light of historical precedents, such as the legacy of dictator Francisco Franco.

He emphasized his rejection of any external pressures from economic groups, even if it might lead to significant loss in advertising revenues.