Globovision sale agreed

Venezuela’s Globovision will be sold immediately after the upcoming April 14th presidential elections. The channel had been opposed to the administration headed up by Hugo Chavez.  The sale will be to Juan Domingo Cordero, a well-known entrepreneur but with no media experience. He is also said to be related to the former president.

Unitel de Venezuela C.A. Group currently owns 80 per cent of Globovision (and is controlled by the wealthy Zuloaga family). The remaining 20 per cent was seized by the government in 2010 and is still the subject of legal proceedings.

Globovision was in a difficult position given its opposition to government and was not expecting its licence to be renewed. Additionally, digital terrestrial TV has been launched earlier this year, and Globovision was not allocated one of the 11 channels on the system.

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