Recoletos Grupo de Comunicación, Spain’s leading specialised multimedia group, has lifted its stake in Ediciones Financieras, publisher of Diario Financiero, Chile’s top selling business newspaper, from 15% to 37.4%.
Recoletos’ increased investment in Ediciones Financieras has been realised through Ediciones Chiloé, a 50-50 joint venture between Recoletos and the Spanish group’s Chilean partner, Grupo Claro. Ediciones Chiloé controls Ediciones Financieras where it owns a 75.2% stake.
Recoletos has been present in Chile since 1996 when it bought 15% of Ediciones Financieras, the maximum allowed at the time for foreign companies investing in Chile’s print media. The increase of Recoletos’ stake in its Chilean venture follows recent legislation that abolished such limitations.
The efficient, shared management of Diario Financiero by Recoletos and Grupo Claro has turned round the publication to the point where it is now the leader of Chile’s financial press market in terms of readership, sales and advertising. More than 80% of Diario Financiero’s distribution is sold by subscription and in the past four years the newspaper’s sales have increased by 100%.
Diario Financiero is successfully developing its website, www.eldiario.cl , which has grown into one of the most visited financial and economic sites in Chile. The newspaper has also branched out into the conference and executive training business and it is studying new ventures as a financial and economic content provider.
Grupo Claro is one of Chile’s major business conglomerates and it has a strong presence in the local media industry. Grupo Claro controls Megavisión, Chile’s leading private sector television channel, and Metrópolis Intercom, a broadband Internet services provider and the biggest Chilean cable TV broadcaster
Recoletos’ increased investment in Chile reinforces the group’s presence in Latin America. One of the group’s key strategies is to develop multimedia businesses in the Spanish and Portuguese-speaking markets.
A year ago Recoletos began operating in Argentina following the purchase of El Cronista Cromercial, the country’s longest-running financial newspaper, and of three business magazines, Apertura, Information Technology and Target. In May El Cronista was re-launched, printed on pink paper and in a tabloid format, following a major overhaul that adapted its layout and contents to the standards which have made Expansión, Recoletos’ flagship financial newspaper, the dominant player in Spain’s business and economic press sector.
Recoletos also a 50% stake in Económica SGPS, the leading provider of specialised business, financial and economic contents in Portugal. Económica SGPS publishes the newspaper Diario Económico, the weekly Semanario Económico and the monthly Fortuna & Negocios, all three of which publications lead their respective market segments.
Tom Burns Marañón
Recoletos Grupo de Comunicación
(34) 91 337 0537