Established in 1939, EFE is Spain’s leading newswire with 3,000 journalists, making it one of the world’s largest news agencies (ranking fourth 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 appointed by the General Shareholders Meeting, which comprises representatives of SEPI.
Source of funding and budget
EFE generates funding by selling its content to paying clients worldwide. However, the agency has been facing steady losses in recent years, prompting the Spanish government to provide regular financial support to keep the company in operation.
Additionally, the Spanish government grants EFE an annual state subsidy, which amounted to nearly €54m in 2021, covering over 63% of EFE’s budget for that year. The remaining 37% of the budget came from content sales and other services. In 2022, EFE’s total budget amounted to €86.6m, with 62% being provided by the government as a state subsidy, as reported by the agency. In 2023, the agency received €54m from the state budget, which covered some 56% of the EFE’s total costs, according to media reports.
Editorial independence
There is no evidence of government control over editorial content at EFE. The agency’s journalists are known for resisting authorities’ pressure regarding their coverage.
EFE has a Newsroom Statute that establishes the agency’s editorial independence.
EFE has a News Council made up of agency journalists who monitor and oppose any attempts to control the agency’s editorial strategy and coverage.
August 2024