September 13, 2016 / 4:45 PM / 3 years ago

Brazil's Globo buys out partner in Valor Econômico newspaper

SAO PAULO, Sept 13 (Reuters) - Grupo Globo SA, Latin America’s largest media conglomerate, agreed on Tuesday to buy out the stake that partner Grupo Folha had in Valor Econômico newspaper for an undisclosed sum, just as a harsh recession hits the nation’s largest publishing firms.

In separate statements published on the websites of O Globo and Valor, both Globo and Folha said the transaction requires regulatory approval. Folha, which is Brazil’s largest paper in circulation, and Globo owned half each of Valor Econômico, which was created around 2000 to focus on finance and economics news. (Reporting by Guillermo Parra-Bernal and Tatiana Bautzer; Editing by Chizu Nomiyama)

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