Created in 1939, EFE is Spain’s flagship newswire. With 3,000 journalists, it is one of the largest news agencies in the world (the fourth largest after AP, Reuters and AFP).
Media assets
News agency: EFE
State Media Matrix Typology: Independent State-Funded and State-Managed (ISFM)
Ownership and governance
EFE is a state-owned company whose shares are fully owned by Sociedad Estatal de Participaciones Industriales (SEPI), a Sovereign wealth fund controlled by the Ministry of Treasure in Spain.
EFE is governed by a Board of Directors consisting of 12 members who are appointed by the General Shareholders Meeting, which comprises representatives of SEPI.
Source of funding and budget
EFE generates funding on its own by commercializing its content to paying clients around the world. In recent years, however, as the agency has been incurring steady losses, the Spanish government has been making regular cash injections to keep the company afloat. The Spanish government also allocates an annual state subsidy to EFE, which in 2021 was close to €54m. That accounted for over 63% of EFE’s 2021 budget (the remaining 39% came from sales of content and other services). In 2022, EFE had a total budget of €86.6m, 62% of which came from the government as a state subsidy, according to a report from the agency.
Editorial independence
There is no evidence of editorial control by the government at EFE. The agency’s journalists are known for pushing back against pressures from the authorities in their attempt at defending the agency’s editorial independence.
EFE has a Newsroom Statute that establishes the editorial independence of the agency.
EFE has a News Council composed of journalists from the agency that monitors and opposes any attempts to control the editorial strategy and coverage of the agency.
September 2023