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  • July 2017 (Revised November 2017)
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Media Markets Down South: Goldman Sachs' Investment in Grupo Clarín

By: Rafael Di Tella, Jose Liberti and Sarah McAra
  • Format:Print
  • | Language:English
  • | Pages:30
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Abstract

Founded in 1945, Grupo Clarín expanded over several decades to become Argentina’s largest media conglomerate. With leading positions in newspapers, broadcast television, broadcast radio, cable television, and Internet services, Grupo Clarín caught the attention of U.S.-based investment bank Goldman Sachs, which acquired an 18% share of Grupo Clarín for US$500 million in 1999. While Grupo Clarín struggled during the economic crisis from 2001 to 2002, it was well positioned to grow as the economy began to recover in 2003, in part due to government policies that helped stabilize the media industry. Now in October 2007, Grupo Clarín was preparing to make an IPO in London and Buenos Aires, and fund managers at Goldman Sachs were reevaluating their position. What price would the IPO reach and how much, if any, of their stake should they sell? What was the return Goldman Sachs would obtain if it sold its entire position, or just one part?

Keywords

Media; Business and Government Relations; Risk and Uncertainty; Initial Public Offering; Investment; Journalism and News Industry; Media and Broadcasting Industry; Argentina

Citation

Di Tella, Rafael, Jose Liberti, and Sarah McAra. "Media Markets Down South: Goldman Sachs' Investment in Grupo Clarín." Harvard Business School Case 718-007, July 2017. (Revised November 2017.)
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About The Author

Rafael M. Di Tella

Business, Government and the International Economy
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Related Work

    • July 2017 (Revised November 2017)
    • Faculty Research

    Media Markets Down South: Goldman Sachs' Investment in Grupo Clarín

    By: Rafael Di Tella, Jose Liberti and Sarah McAra
Related Work
  • Media Markets Down South: Goldman Sachs' Investment in Grupo Clarín By: Rafael Di Tella, Jose Liberti and Sarah McAra
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