Peru Court Freezes $50 Million El Comercio Media Sale
PERU · MEDIA
Key Facts
- —What happened: A Lima court froze the sale of Peru’s largest media company after three shareholders challenged a US$50 million stake deal.
- —How big: The disputed shares total more than 173 million, making up about 63 percent of Peru’s biggest newspaper publisher.
- —What it means: Outside investors could lose control of Peru’s biggest media company if the shareholders’ court fight succeeds.
- —The catch: The judge who froze the sale is now suspended over how he issued the order, yet his ruling still stands.
- —What comes next: Peru’s securities regulator has the sale on file as a Lima arbitration panel works to decide its ownership.
A Lima court has frozen a US$50 million share sale at Peru’s top media company.
A Lima court has frozen the sale of Peru’s biggest media company. Three minority shareholders say they deserve the disputed US$50 million stake, not outside buyers.
The company is Empresa Editora El Comercio, publisher of the country’s top newspaper. A buyer group led by businessman Francisco Picasso wants a 63 percent stake.
The buyer group also includes investor César Rodríguez Larraín and a firm called Inversiones Newscorp. Sellers first told regulators about the deal on May 28.
The Miró Quesada family had controlled the company for about 150 years. In May 2026, a group of 79 shareholders agreed to sell their combined stake instead.
Why Three Shareholders Fought Back
Peruvian law lets other shareholders match an outside offer before a sale closes. Three minority investors said they met that requirement by early July.
The disputed block totals about 173.7 million shares, worth roughly US$50 million at the agreed price. That equals close to 63 percent of the company’s stock.
They are Hernando López de Romaña Dalmau, Alois Miró Quesada Koechlin and Arthur Do Nascimento Silva. The company rejected their claim, citing a missing waiver from rival newspaper firm Grupo La República.
The three shareholders then filed for arbitration at Lima’s Chamber of Commerce on August 20. A judge had already frozen the shares in late June.
A Judge Now Under Investigation
Judge Juan Gustavo Varillas Solano signed the freeze order at Lima’s Seventh Civil-Commercial Court. He set a bond of just US$50,000 to keep the shares frozen.
Peru’s National Authority for Judicial Control later suspended him for six months. It said he skipped ahead of 99 other pending cases to rule on this one.
Investigators also said he drafted the order on a personal USB drive, not the court’s system. The freeze still stands, even though he is now suspended.
Varillas Solano has faced eight criminal investigations since 2019 on separate corruption allegations. A different case forced his suspension once before, in 2024.
What Happens Next
Peru’s securities regulator goes by the initials SMV, short for Superintendencia del Mercado de Valores. It already has this sale on file.
Companies of this size must tell the SMV whenever a big ownership change like this one is agreed. Sellers updated that filing on July 20 with more detail on the buyers.
Regulators are also waiting on approval from Indecopi, Peru’s antitrust watchdog. Estimates of the whole 63 percent stake range from US$50 million to nearly US$100 million.
An arbitration panel must form within 90 days of the shareholders’ filing. Until then, the takeover that was expected to close in October remains on hold.
More: Peru news in English, every day from The Rio Times.
Frequently Asked Questions
What company is at the center of this dispute?
The dispute centers on Empresa Editora El Comercio, publisher of Peru’s top newspaper and owner of two TV channels.
Why did a Lima judge freeze the sale?
A judge sided with three minority shareholders who say they have the right to buy the shares themselves. The judge who signed that order is now suspended over how he handled the case.
What happens next in the case?
An arbitration panel at Lima’s Chamber of Commerce must be set up within 90 days of the shareholders’ filing. It will decide whether the freeze on the sale stays in place.
Sources: Infobae, El Comercio (Peru), La República (Peru), Caretas, Perú Retail, Revista Gan@Más, apnoticias.pe, Infomercado.pe, Altavoz.pe.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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