Clarin receives approval for its asset divestment plan

18 Feb 2014

Argentine broadcasting watchdog AFSCA has given the green light to Grupo Clarin’s plan to break up its operations into distinct companies in order to avoid a forced dismantling, reports Reuters. Faced with requiring to comply with a new media ownership law that limits the number of audiovisual licences that can be controlled by one company, Clarin submitted an asset divestment plan in November 2013 after it lost a legal battle lasting four years. Clarin now has six months to reorganise its holdings into six independent companies, and in doing so the media giant is permitted to sell its operating licences or redistribute ownership of stocks. Amongst the group’s subsidiaries are the cableco Cablevision and the broadband provider FiberTel.

Argentina, Cablevision (FiberTel)