Company already owns 50% of Argentine b'caster
BUENOS AIRES — Publisher Constancio Vigil is poised to buy out fellow Canal 9 shareholder, journalist/lawyer Daniel Hadad, for an estimated $7 million.
“It is going to happen in the next few days,” Canal 9 spokesman Miguel de Godoy said on Tuesday, but declined to give details.
Vigil owns 50% of Argentina’s third ranked TV broadcaster through his magazine publisher Editorial Atlantida. The publisher, minority owned by U.S. investment fund Donaldson, Lufkin & Jeanrette, bought its half in December for a reported $7 million.
He and Hadad were to knit together their respective media assets to create a bigger enterprise, helping cut costs and increase ad sales. But a disagreement over program funding and strategy for Canal 9 soured the partnership.
Meanwhile, Hadad is trying to raise money to buy out Atlantida’s stake. He bought the broadcaster in July from Admira Media, the media arm of Spain’s Telefonica, and U.S. investment bank J.P. Morgan Chase.