July 22, 2014
As company adjusts to media lawWednesday, March 12, 2014
Magnetto set to step down from Clarín
Héctor Magnetto will soon be taking leave from his role as the CEO of the Clarín media conglomerate along with three other company directors who cited the need for shareholders to focus on the divestment of Clarín into six separate companies, as approved by the AFSCA media watchdog to comply with the 2009 Media Law.
Magnetto will join José Aranda, Lucio Pagliaro and Ralph Booth who, along with Ernestina Herrera de Noble, own a total of 79 percent of the group’s shares.
According to El Cronista, their decision was made due to the perceived need to dedicate their time to the divestment plan, which could see their leave extended by five months — the period of time the company has to comply with the Media Law.
Media specialist Martín Becerra told Infonews that “this is an important change that gives evidence to how the adjustment process is moving forward.”
Clarín shareholders are due to meet on March 20 to discuss the divestment of the company when stand-in directors will be decided.
Magnetto also stepped down from the group’s presidency, a post that is now occupied by Jorge Rendo.
Clarin’s AFSCA-approved plan involves the creation of six separate companies, the first of which — as an example — will include Canal 13 in Buenos Aires City, Canal 12 of Córdoba, Canal 6 of Bariloche and the TN news channel, among other radio and cable licences.
Experts in the sector say Magnetto, Aranda, Pagliaro and Booth could become shareholders in the separate companies created under the divestment plan, or that they will remain in the sole company, Clarín, while the others are sold off.