Gonzalez gets La Red for $15 mil in green

TV mogul expanding empire

MIAMI — Low-profile Mexican TV mogul Angel Gonzalez has bought Chilean broadcaster La Red for $15 million, according to reports in Santiago.

Deal was closed by former Universal worldwide TV prexy Jim McNamara, a longtime friend of Gonzalez, who bought the net from Mexico’s TV Azteca and local newspaper group Copesa.

The acquisition adds Chile to a growing list of countries where Miami-based Gonzalez has TV assets, which reportedly include Peru, Ecuador, Guatemala, Nicaragua and the Dominican Republic.

Gonzalez’s m.o. is to buy failing broadcasters and turn them around with low-cost programming — typically U.S. films and Latino novelas — acquired in multi-territory deals.

Azteca acquired La Red in January 1998, paying $10.3 million for a 75% stake, but the last eight months have seen the Mexican company put foreign expansion on hold, as its domestic biz has suffered from declining ratings and a soft ad market.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety

Loading