Recoletos Grupo de Comunicación, majority owned by Pearson and publisher of the newspapers Expansión, Marca, and magazine Actualidad Económica, acquired the 50% stake of Económica SGPS that it did not already own. This gives Recoletos full ownership of the Portuguese media company which publishes business and financial information. The stake was purchased from Media Capital SGPS for 11 million euros. Económica publishes Diario Económico, Semanario Económico and the monthly magazine Fortunas & Negocios. In 2001, these publications had an average circulation of 13,263, 17,286 and 15,028, respectively.
Jaime Castellanos, CEO of Recoletos, noted that “this transaction represents an important step forward in our growth strategy in Spanish and Portuguese speaking markets.” Recoletos has interests in Argentina (El Cronista Comercial and specialized magazines such as Target, Apertura and Information Technology) and Chile (Ediciones Financieras). Recoletos recently announced its results for the first nine months of 2002. Sales decreased by 4.5%, compared to 2001, to 171.98 million euros. Advertising sales fell by 10% to 69.7 million euros. Excluding Recoletos' Argentinean unit, sales only fell by 3.5% to 68 millon euros.