Grupo Olmos announced it has taken full control of news channel Crónica TV of Argentina, after acquiring the minority stake held by Héctor Ricardo García.
The agreement implies “the cessation of all disputes, including the decision to remove the bankruptcy filed by the entrepreneur”, the company said in a statement. Garcia -the minority shareholder and founder of the channel- had requested the bankruptcy of the channel due to a debt of USD 2.7 million.
Grupo Olmos, which belongs to Raúl and Alejandro Olmos, thanked Garcia “for the goodwill he has demonstrated during the negotiations prior to the purchase of the minority package of shares”.
Crónica TV is the pay TV channel of newspaper Crónica. In addition to Crónica, the group also owns the newspaper Bae Negocios, the magazine Veintitrés and all with their respective digital portals (cronica.com.ar, baenegocios.com, diarioshow.com, veintitres.com.ar). Grupo Olmos is a shareholder in the production company Underground (in partnership with Sebastián Ortega and Endemol Argentina), and in the music channel CM.