Chile / Buy and turn around
Spain's Recoletos Grupo de Comunicación raised its stake in Ediciones Financieras from 15% to 37.4%. Ediciones Financieras publishes Diario Financiero, Chile's top selling business newspaper. The investment was realized through Ediciones Chiloé, a 50-50 joint venture between Recoletos and its Chilean partner Grupo Claro. Ediciones Chiloé controls Ediciones Financieras, owning 74.7%. Recoletos has been present in Chile since 1996 when it bought 15% of Ediciones Financieras, the maximum allowed at that time for foreign companies. Grupo Claro and Recoletos have turned Diario Financiero around. In the past four years the newspaper's sales have increased
by 100% to an average daily circulation of 34,547. More than 60% of the circulation is sold through subscriptions. Diario Financiero leads the financial newspaper advertising market with a 56% market share compared to a 44% share for rival Estrategia. Diario Financiero is published in tabloid format and includes content from Financial Times, The Economist, Expansión, Actualidad>Económica and Red de Diarios Económicos de América>
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