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Supermarket mogul bags TV stake

World Brief

Francisco De Narvaez, a former supermarket mogul, is in advanced negotiations to buy a large interest in Argentina’s No. 4 broadcaster America TV and four other media assets from majority shareholder Carlos Avila.

De Narvaez’s investment firm, Grupo De Narvaez, wants a stake in America Inversora, which controls America TV, a cable news net, a radio broadcaster, a smaller TV broadcaster and 20% of a financial newspaper. Assets are valued at around $90 million.

De Narvaez would share America TV’s management and programming decisions with Avila, who would retain a stake in the broadcaster and keep his son, Juan Cruz, as general manager.

This would be the first media investment for De Narvaez, who wants the assets to complement and help promote his La Rural convention center in Buenos Aires.

Avila, a sports media businessman, bought control of America TV in 2000 for $150 million.

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