In the United States, the pessimism towards the future of the newspapers is such that there is a website that closely watches the death of newspapers (www.newspapersdeathwatch.com). Buying newspapers is seen as the worst investment of this century.
Nevertheless, that is an opinion that is not shared in Colombia by the Galvis family, led by both Alejandros, father and son, who have played all their cards in this investment that is supposedly agonizing. To their vast newspaper collection – Vanguardia Liberal, from Bucaramanga (in Santander province); El Universal from Cartagena (in the northern province of Bolívar); La Tarde from Pereira (in Risaralda province); El Nuevo Día from Ibagué (in Tolima province), and the popular newspaper Q’Hubo – they are planning to add ‘El Heraldo’ from Barranquilla, which has been for sale since the beginnings of 2009.
With this acquisition, the Galvis and their partners, the Araújos, would not only stand as masters of the press in the Colombian Caribbean and eliminate their main competition, but would also avoid the possibility of the entrance of a new player that would put a threat on their supremacy in the region. According to information known by SEMANA, there are at least other two buyers interested in ‘El Heraldo’.
Ten years ago, it was unconceivable to see the Galvis group shopping for newspapers and hoping to become partners of the third television channel. At that time, the group was going through a rough financial crisis caused not by the media they owned, but because of the debts they had with businesses in telecommunications and hotels. They gracefully came out of the rough patch by focusing again on their expertise: regional and local media.
With everything under control, father and son started to work on a project that became their most precious belonging: Q’Hubo, a popular newspaper. At first, Q’Hubo was present in eight cities in Colombia. Today, the grand total rises up to 13 and they are hoping to make it into the most read newspaper in the country. Alejandro Galvis (the father) says that they already have 900,000 readers, according to the most recent General Media Study, even though they have had difficulties growing in Bogotá.
Their confidence in the market of the print media is such that the Galvis and their partners made a multimillionaire investment in a rotary printing press in three Colombian cities. They have also been interested in being part of the third private television channel in the country, which is currently being discussed.
Irrespective of whether they continue interested in taking part in the television project (they are thinking the situation better due to the recession), they are focused on trying to stay as major players in the area of the print media. There is where they can be really competitive.
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