The Competition Tribunal approved the acquisition by GLR Chile Ltda. –subsidiary of Grupo Prisa and controller of four radio chains under the names “40 Principales”, “Bésame”, “Radioactiva” and “W Radio”- of Iberoamerican Radio Chile S.A. and participation in other societies, which control eight radio chains under the commercial names of “Imagina”, “Rock&Pop”, “Concierto”, “Futuro”, “FM Dos”, “Corazón”, “Pudahuel” and “FM Hit”, with conditions.
The objective of these conditions is to avoid risks to free competition and to augment contestability of the market. The new firm must place an inquiry in this Tribunal before renewal of any one of its radio diffusion concessions -45 of which expire in 2010, including 5 frequencies in Santiago-, as well as before any other operation under which it could acquire control of other concessions.
Also, a non-compete clause that prohibits Iberoamerican to participate in radio diffusion in Chile was limited to two years after the operation. The transaction was also conditioned to relinquish concessions in cities such as Iquique, La Serena, Concepción, Temuco, Villarrica, Valdivia, Osorno and Puerto Montt, among others, so that the necessary competitive conditions to guarantee media and content plurality could be maintained.