(Corrects paragraph 7 to remove reference to Capriles losing
CARACAS, March 11 Venezuelan opposition TV
channel Globovision said on Monday it had accepted a buyout
offer, calling its operations financially and politically
unfeasible after rows with the government and high inflation.
The sale of Globovision, the only openly anti-government
media channel, will occur after an April presidential election.
Terms of the deal were not disclosed.
Globovision's majority owner, Guillermo Zuloaga, said the
group buying the channel was led by Juan Domingo Cordero, who
runs an insurance company and is a former head of the local
"We are economically inviable, because our revenues no
longer cover our cash needs," Zuloaga said in a statement.
"We are politically unfeasible, because we are in a totally
polarized country and against a powerful government that wants
to see us fail."
Zuloaga said the company was suffering from a revenue
shortfall, rising prices, and costly efforts to try to help the
opposition win last year's presidential election.
Opposition candidate Henrique Capriles lost to Hugo Chavez
in October. Chavez led a self-styled socialist revolution for 14
years in the South American OPEC nation until his death last
week from cancer.
Capriles, the centrist governor of Miranda state, has since
announced another bid. He will face Chavez's preferred
successor, acting President Nicolas Maduro, in an election on
Zuloaga added that there were also doubts about whether it
could get its concession renewed after legal tangles with the
In 2007, the government declined to renew the license for
another opposition channel, RCTV, prompting widespread
(Reporting by Ana Isabel Martinez and Marianna Parriga; Editing
by G Crosse and Lisa Shumaker)