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In Need of a Lifeline

Mar 1, 2004

A strong, independent media is an important part of any modern democracy, but there is reason to be concerned about the health of Brazil's publishing and broadcasting industry. The Marinho family owns Organizações Globo, which controls the country's main television network as well as an influential newspaper, newsmagazine and chain of radio stations. It defaulted in 2002 on $1.57 billion in bonds.

Editora Abril, run by the Civita family, publishes the hardhitting newsmagazine Veja, but has been crippled by debts for years. Jornal do Brasil, a Rio de Janeiro-based daily newspaper and São Paulo's Gazeta Mercantil business daily, two once proud titles, went bust and have been taken over by a shipping magnate Nelson Tanure. They are a shadow of their former selves and operate...

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There is performance risk that the market is going to have to evaluate and assess. I think that is very healthy for the market because that will enable us to finance a much wider range of projects.

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