Venevision Buys Chilean Station

Venezuelan media conglom Venevision has just acquired ownership of Chile’s Chilevision, formerly called Channel 11, and will run it under a 25-year license. The move follows Venevision’s purchase last year of a 49% stake in the station owned by the U. of Chile.

The station was set up in 1960, with the aim of offering a cultural and academic alternative to U.S.-style commercial television, but over the years the station accumulated huge losses.

There are no legal impediments to ownership of Chilean TV stations by foreigners as long as these establish a local subsidiary with a Chilean board of directors – a condition with which Venevision complied.

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