Peruvian Media Giant El Comercio Sold for Up to $100M
Peru · Media
Key Facts
—Stake sold. 79 shareholders agreed to sell 62.95% of the group's capital.
—Buyers. Francisco Picasso Candamo and César Emilio Rodríguez Larraín Salinas formed a joint venture.
—Price tag. The block is valued between US$50 million and US$100 million.
—Regulatory step. Peru's competition authority Indecopi must approve the transaction.
—Media reach. The group owns top newspapers and a 70% stake in Plural TV.
El Comercio Peru, the country’s largest media conglomerate, is set for a major ownership change after 79 shareholders agreed to sell a controlling 62.95% stake to a joint venture of two prominent business figures.
Who Is Buying the Group
The buyers are Francisco Picasso Candamo, linked to pharmaceutical firm Medifarma and the Picasso Group, and César Emilio Rodríguez Larraín Salinas, a former executive at Latam Airlines. They formed a joint venture to acquire the block of shares.
The transaction values the 62.95% stake between US$50 million and US$100 million, implying a total group valuation of roughly US$156 million. A per-share price point of US$0.50 has been cited in local reports.
For readers unfamiliar with Peruvian corporate structures, a joint venture of this kind allows two separate investors to pool resources and share risk without merging their existing businesses. It is a common mechanism when entering a heavily regulated industry like broadcasting, where local knowledge and operational heft both matter.
What El Comercio Peru Controls
The group is Peru’s most powerful media house, owning the five top-selling newspapers including the flagship El Comercio, founded in 1839, as well as Trome, Gestión, and Correo. It also holds a 70% share of Plural TV.
Plural TV operates América TV, the country’s leading private television channel, and Canal N, a major cable news network. The group’s reach extends across print, broadcast, and digital platforms.
In plain terms, this means a single company decides what millions of Peruvians read at breakfast, watch in the evening, and scroll through on their phones. That degree of influence makes any ownership change a matter of public interest far beyond the business pages.
A Regulatory Hurdle Remains
The deal is not yet closed. Minority shareholders are exercising pre-emption rights, and Peru’s competition watchdog, Indecopi, must analyze the transaction’s effect on market concentration before giving its approval.
The formal notice was filed with Peru’s securities regulator, the SMV, on May 28, 2026. Sources suggest the transaction could close by October 2026 if regulators give the green light.
Pre-emption rights are a standard protection in corporate law: they give existing minority shareholders a window to buy shares on the same terms before an outside buyer steps in. This process can delay a deal but rarely blocks it entirely unless a minority holder is willing to match the full offer.
End of a Family Era
The sale would end the Miró Quesada family’s nearly 150-year control of the publishing house, which dates back to 1875. Control would pass from a single historical family to business figures from the pharmaceutical and aviation logistics sectors.
While the ownership change reduces concentration within one family, it concentrates media power in new corporate hands. The shift is being closely watched by press freedom advocates and media analysts across Latin America.
Across Latin America, family-run media dynasties have long shaped national narratives. When such a dynasty exits, the question is never simply who bought the shares, but whether the new owners will maintain the editorial independence that a free press requires, or whether commercial interests will steer coverage in a different direction.
Background: A Pillar of Peruvian Media
El Comercio Peru is not just a media company; it is an institution woven into the fabric of the nation’s history. Founded in 1839, the flagship newspaper is one of the oldest Spanish-language dailies still in circulation, and the Miró Quesada family has guided its editorial line since 1875.
Over generations, the group expanded aggressively, acquiring popular tabloids like Trome and business papers like Gestión, effectively shaping public opinion across all social classes. Its 70% stake in Plural TV gave it dominance in broadcast news, making it a gatekeeper of information in a country with highly concentrated media ownership.
To understand why this matters, consider that in many democracies a single entity owning the top newspapers and the leading TV news channel would trigger automatic antitrust reviews. Peru’s media landscape has historically been an exception, with El Comercio occupying a uniquely central role that has no direct parallel in more fragmented markets like the United States or Brazil.
What It Means for Expats and Investors
For foreign residents and investors in Peru, this ownership shift could subtly alter the tone of business and political coverage they rely on. The new owners come from pharmaceutical and aviation logistics backgrounds, sectors with distinct regulatory interests that may influence editorial priorities over time.
Investors should watch Indecopi’s review closely, as a conditional approval could impose limits on cross-media ownership that affect the group’s commercial strategy. A more diversified corporate leadership might also open the door to new digital ventures or international partnerships, potentially modernizing how English-speaking audiences access Peruvian news.
What remains to be seen is whether the new owners will keep the existing editorial leadership in place or bring in their own team. Another open question is how the group’s coverage of pharmaceutical regulation and aviation policy will evolve once the deal closes, given the buyers’ deep ties to those industries.
More: Latin America news in English, every day from The Rio Times.
Frequently Asked Questions
Who is buying El Comercio Peru?
A joint venture formed by Francisco Picasso Candamo of the Medifarma and Picasso Group, and Emilio Rodríguez Larraín Salinas, formerly of Latam Airlines, is acquiring a 62.95% stake. Both are established Peruvian business figures stepping into the media sector for the first time at this scale.
What does El Comercio Group own?
It owns Peru's five top-selling newspapers, including the historic El Comercio and the mass-market Trome, plus a 70% stake in Plural TV. Plural TV operates América TV, the leading private television channel, and Canal N, a major cable news network, giving the group unmatched cross-platform reach.
When will the El Comercio Peru sale close?
The deal is pending approval from competition authority Indecopi, with sources pointing to a possible closure around October 2026. Minority shareholders are also exercising pre-emption rights, which could slightly adjust the final ownership structure before the transaction is finalized.
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