Traditional 150-year-old newspaper based in São Paulo announced investment in May 2024, but had not given details about who the investors were
The São Paulo daily newspaper O State of S. Paulo raised R$142.5 million from banks, companies and entrepreneurs in operations carried out in 2024. The vehicle, which is 150 years old in 2025, had the investment in May 2024, but without disclosing details about who invested.
The list of companies became known on Friday (April 17, 2026), in a report on the portal Metropolises. O Poder360 in May 2024 that the Estadão had issued debt securities (debentures) and received a contribution from the Mesquita family, responsible for the media vehicle. The operations aimed to carry out a digital transformation at Grupo Estado. There were R$142.5 million from investors and R$15 million from the newspaper’s shareholders – a total of R$157.5 million.
This type of fundraising is common in the market. The information published by Metropolises were confirmed by Poder360. The presence of the 3 largest private banks operating in Brazil confirms a trend in the news media industry in the country: being financed or purchased by the financial sector.
The São Paulo Frias family, owners of the newspaper Folha de S.Paulo and the portal UOLis also the controller of PagBank (a bank, known for its little yellow card payment machines). PagBank will be worth R$2.4 billion in 2025 and is the Frias family’s most profitable business.
To magazine Exam belongs to the BTG Pactual bank. XP Investimentos owns the financial news website InfoMoney.
The influence of banks on the media is not new. The oldest television news program in Brazil, the “National Newspaper”from TV Globo, was born in 1969 with its “naming rights” sold to the National Bank, liquidated in 1995 and which belonged to the traditional Magalhães Pinto family from Minas Gerais.
The R$ 142.5 million that investors contributed to the Estadão were obtained in two rounds:
- March 2024: resources from debenture operations sold directly to the 3 largest private banks operating in Brazil, totaling R$45 million;
- May 2024: R$ 15 million via DPL (Long-Term Project Debenture) and the remainder (R$ 82.5 million) via equity investment fund, totaling R$ 97.5 million in all.
In the case of the R$82.5 million via funds, there were companies or businesspeople linked to these companies that invested in the Estadão. Information about which part of the money was contributed by individuals controlling the companies or by the companies themselves is not public:
- (energy, logistics, agribusiness, lubricants and infrastructure) – R$15 million;
- (supplementary healthcare) – R$15 million;
- (cement, construction materials, mining and metallurgy) – R$15 million;
- (energy, logistics infrastructure and mobility) – R$7.5 million;
- (chemical industry) – R$7.5 million;
- (asset management) – R$7.5 million;
- (asset management) – R$7.5 million;
- (high luxury real estate sector) – R$7.5 million.
Investment by companies via equity investment fund results – in most cases – in the purchase of a shareholding. The financial return for the companies or entrepreneurs who invested comes with a possible appreciation of Grupo Estado. It is not clear what the option will be for companies and/or entrepreneurs who have opted for this type of investment in the Estadão.
The São Paulo newspaper also received R$45 million when selling debentures – the name given to long-term bonds. In this case, only banks bought the paper:
Another R$15 million came from Cutrale (citrus industry) via Long-Term Project Debenture.
O Poder360 looked for the Estadãowho chose not to respond to the newspaper about the group of investors.
DEBENTURES
A company that issues debentures, long-term securities, can use the funds raised for investment, debt payment, business expansion and other marketing decisions. In return, the investor receives a return of money at the end of the contract with a value adjusted by interest.
The debentures purchased by the 3 banks (Itaú, Bradesco and Santander Brasil) mature in 10 years and can be renewed for another 10 years. In other words, the loan can be extended until 2044.
The debentures issued by the Estadão may be converted into equity participation in the future. This will allow current investors to enter as partners, with the conversion of debt into shares, with an estimated share of up to 38.24% of the capital.
The group of investors who purchased the debentures from Estadão concentrated around 90% of the operational business in Agência Estado, while the State of S. Paulo it retained a smaller direct economic stake, of around 10%, but maintained corporate control as a holding company, responsible for strategic decisions and overall governance.
2ND ROUND OF DEBENTURES
In the 2nd round of fundraising, held in May 2024, the Estadão captured R$82.5 million through emission of the Investment Fund Province (controlled by Galápagos Capital Investimentos). The fund received money from investors and invested in Estadão. In other words, the Província fund acted as a collective fund for investors.
Santalice Administração Ltda. (controlled by Cutrale) had a direct investor role, without fund participation. The operation was communicated to the public in May 2024.
Debentures were issued, but the papers were not registered for trading on a regulated market – without charging the fiduciary agent. In other words, it was a private (closed) operation, without the shares being offered to the general public, sold directly to specific investors.
On May 15, 2024, Grupo Estado also announced the appointment of Marco Bologna to the company’s Board of Directors. He has been a partner at Galapagos Capital for almost 7 years, controlling the company that purchased the group’s debentures. His term runs until May 13 this year, with the possibility of re-election. Read the press release (PDF – 417 kB).
Even with the contributions it received in 2024, according to financial statements, the SA The State of S. Paulo had losses of R$15.3 million in 2024 and R$16.8 million in 2025. Read (PDF – 216 kB).
O Poder360 confirmed privately with several companies that invested in the Estadão the data published in this post. He also made direct and formal contact since Friday (April 17, 2026) with the advisors of these companies regarding investments. Read what they said:
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Bradesco – “Bradesco clarifies that its participation in the issuance of Grupo Estado debentures results from a previously constituted debt restructuring operation, structured in a coordinated manner with other large financial institutions. The purpose of the operation is to reorganize the company’s debt structure, with Bradesco’s financial exposure in the amount of R$ 15 million. This is a typical credit operation within the scope of the capital market, contracted under market conditions, on a strictly commercial basis and in accordance with applicable legislation and regulations. In Due to its legal nature, the debenture does not grant Bradesco any corporate, administrative, managerial or interference rights over the publication’s editorial line.”;
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Itaú – “Itaú Unibanco clarifies that its participation in the issuance of Grupo Estado debentures, in 2024, is part of a pre-existing debt restructuring operation, carried out jointly with other large banks. The initiative aims to reorganize the company’s finances, with Itaú’s total value being R$15 million. The operation is strictly market credit, contracted under usual conditions in this type of context, and within regulatory parameters. It is worth noting that, due to its legal nature, the bank debenture does not grant Itaú any administrative, management power, participation in council or influence over the editorial line of the vehicle.”;
- Santander Brazil – “Santander clarifies that, as reported at the time, it participated in 2024 in the restructuring of Grupo Estado’s debts, alongside other banks and investors, in which it individually contributed R$15 million. The operation, which consisted of a syndicated loan through the issuance of debentures, duly registered in the contract and in line with current regulations. No clause provides for any type of interference in the management or editorial line of the Group’s vehicles”;
- Cosan – “Cosan will not comment”;
- Ultra Group – “The Ultra Group will not take a position on the issue”;
- Unipar – “Unipar will not comment on the agenda”;
- Votorantim – “Votorantim will not comment on the topic”;
Companies that did not respond will have their statements included in this report as soon as they send a statement.
