Brazil’s Congress will today vote on whether to allow foreign investment in the country's media. The constitutional amendment, if passed, will end a sixty-six year-old embargo.
The amendment, which has been crawling through Congress for the last two years, is widely supported. It would allow foreign investors to own up to 30% of the capital of radio and television stations, newspaper and magazine publishers, realizing the funds required to exploit the print and broadcast technological revolution sweeping the rest of the world.
Says Paulo Machado de Carvalho Neto, vice president of the Brazilian Association of Radio and Television Broadcasters: "These are investments that will make the growth and development of the whole industry possible."
News source: New York Times