Latin America's biggest media conglomerate Grupo Televisa saw its $300 million bid to gain control of Mexico’s largest radio company, Radio Centro, fall in tatters around its feet.

Insiders say the “friendly” talks ground to a halt after strong opposition from Jose Gutierrez Vivo, a staunchly independent and popular radio show host, who showed scant enthusiasm for working with Televisa. Another factor was the failure of Radio Centro's chairman, Francisco Aguirre, to win support for the deal from other members of the Aguirre family-controlled business.

The planned acquisition had been applauded by many observer, who believed it would help to consolidate Mexico's fragmented radio market and boost ad sales. Currently the market comprises a legion of small radio operators, including Televisa’s own Radiopolis, with advertisers calling the shots and able to suppress ad rates – said to be among the lowest in Latin America.

News source: Financial Times