LA "FINANCIARIZACIÓN" DE LA INDUSTRIA DE LA COMUNICACIÓN: EL CASO ESPAÑOL

Abstract

In an economic context of sustained growth and low interest rates, many Spanish communication groups adopted expansive business strategies at the expense of high indebtedness. In 2011, the accumulated joint debt of the main groups that operate in the media sector in Spain was around 11,000 million euros. The harsh economic and financial crisis of 2007 soon exposed the errors of many companies, which in that new context were forced to resort to successive refinancing of their credits. We propose an updated analysis of the causes and consequences of the presence of banks and investment funds in the ownership structure of the main communication companies operating in Spain.