Venezuela media group, Cadena Capriles, sold to an unidentified group of local investors

[Catherina]

The Venezuelan media group Cadena Capriles, which owns the country's largest circulation newspaper, announced it is being sold to an unidentified group of local investors.

Miguel Angel Capriles, the group's president, announced the sale in a notice to employees disclosed on the website of its flagship daily, Ultimas Noticias, an influential tabloid with broad national circulation.

The announcement said the group and all its assets were being acquired by "a known Venezuelan investor group," which will take over management of the company over a 60 day period. It did not further identify the group.

...

Henrique Capriles, the opposition leader who is challenging the outcome of April 14 presidential elections to replace the late Hugo Chavez, is distantly related to the group's owners but has no stake in the company.

...

http://uk.finance.yahoo.com/news/venezuela-media-group-sold-005347058.html

[navarth]

1. Following the American paradigm?

If you can't win fair, buy the media? Just wondering

[Catherina]

3. It's just changing hands. The Venezuelan elite already owns most of the media

Rumor has it some banker bought it but that's unconfirmed.

[dlwickham]

2. how is this different from the government controlling parts of the media

and passing laws that limit the rights of privately owned media

[navarth]

5. um,

The govt. regulation is, in theory, like a firewall between us and the power of great wealth; so it's good for the little guy.

On the other hand this purchase sounds very much like another takeover of the media by great wealth. Not so good for the little guy.

Seems that way to me, that's my 2 cents

[dlwickham]

6. but the government controls portions of the media

and has intervened in the media market to take outlets away from private companies and has turned those outlets over to "community groups"

it has its own news service

the Venezuelan government seems to compete with the private companies instead of just regulating them

[navarth]

7. hmm

compete with them?

or is it keeping a level playing field?

I really can't say.

[Judi Lynn]

4. Thanks. Rec. n/t