Spain's Grupo Prisa created Grupo Latino de Publicidad (GLP). GLP will be based in Bogotá, Colombia. It will be lead by Juan Manuel Restrepo, who used to be president of Radio Caracol. GLP's main mission will be to sell advertising space in different media properties. It was modeled after GDM (Gestora de Medios). GDM was founded in 1990 and has been one of the biggest sellers of advertising in Spanish media.
…and sues Garafulic for contract infringement
At the beginning of April, Prisa sued Bolivian media company Garafulic at the International Chamber of Commerce in Paris. Prisa argued that Garafulic had not taken part in the agreed capitalization of the three holding companies it co-owned with Prisa in Bolivia (see “New Life for Bolivian Media,” page 6, Portadatm No. 2 March/April 2003). Prisa claims that decision making in Garafulic holding companies is currently blocked and wants Garafulic to pay back its initial investment of US $11.25 million.