Entrecanales and Contreras retain control of La Séptima television channel

Andrés Varela Entrecanales and José Miguel Contreras have rejected a proposal to grant Argentine businessman José Luis Manzano more shares in the new television channel, La Séptima. By maintaining their combined 75% stake, the duo aims to prevent Manzano from influencing the channel's editorial direction and management as it prepares to launch on November 5.

The ownership structure of the parent company, Sistemas Integrados de Entretenimiento Televisivo (SIETE), was originally intended to be split equally among four parties. However, following the government's award of the channel, other investors Adolfo Utor and Diego Prieto opted to remain on the sidelines.

Separately, Andrés Varela Entrecanales is preparing to exit his position in the Prisa Group through Global Alconaba. This move follows his departure from Prisa's board in May and follows a period of tension with Chairman Joseph Oughourlian regarding the group's business strategy. Varela's divestment involves a 7% stake in Prisa, which was originally acquired from Telefónica in 2022.