MIAMI — Venezuela’s Cisneros Group will not, it seems, operate two broadcasters in Chile after all.
In May, Ibero-American Media Partners (IAMP), a fund formed by Cisneros with Hicks, Muse, Tate & Furst, announced a $40 million investment in Compania Chilena de Comunicaciones, including a 75% stake in its niche net Rock & Pop.
Cisneros hoped to achieve economies by jointly managing the station with its existing Chilean property, Chilevision (Canal 11), but Chilean regulatory board the CNTV has nixed that scenario by ruling that Rock & Pop’s management must remain separate.
Cisneros executives could not be reached for comment, but the CNTV decision is believed to have prompted IAMP to back off from Rock & Pop.
IAMP’s investment in other Compania Chilena properties — radio stations and magazines — is expected to go ahead as planned.
Separately, Chilevision is itself coming under CNTV scrutiny, on account of its top-rated Tuesday night B-movie slot “Cine para Adultos,” which is testing official tolerance for racy fare.
Newspaper commentators have laid into the film slot and a CNTV decision, which may include fines, is expected this week.
(Hans Ehrmann in Santiago contributed to the story.)