Journo buys out Canal 9 b’caster

World Brief

Journalist-lawyer Daniel Hadad agreed on Monday to buy out fellow Canal 9 shareholder, the publisher Constancio Vigil, for about $9.5 million.

The deal comes less than a week after Vigil prepped a bid for control of Argentina’s third-ranked TV broadcaster.

This ends the partners’ stormy relationship: they had been at odds over program funding and strategy ever since Vigil bought half of the broadcaster through his magazine publisher Editorial Atlantida in December.

Atlantida, minority owned by U.S. investment fund Donaldson, Lufkin & Jeanrette, invested in the broadcaster as part of a wider plan to weave together its media assets with those of Hadad to create a bigger media group spanning magazines, newspa-pers, radio and TV. The move sought to cut costs and boost ad sales.

Hadad and two former partners bought Canal 9 last July from Admira Media, the media arm of Spain’s Telefonica, and U.S. investment bank J.P. Morgan Chase.

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