Spanish multimedia giant Grupo Prisa plans to pump $10m into leading Bolivian media group Garafulic to develop new and existing TV, internet, print and radio ventures in Bolivia.

The move forms part of Prisa's expansion into the Spanish-speaking Latin American market. Among other interests, the group already owns publishing giant Santillana and has a majority stake in Muxxic Latina, a joint venture with Universal Music Group. For Garafulic, the investment provides needed capital to support and grow its varied media interests.

Together, Prisa and Garafulic will launch three new ventures:

  • Inversiones en Radiodifusion, 25% owned by Prisa and 75% by Garafulic, will back Garafulic's nine regional TV broadcasters as well as three new national radio channels;
  • Inversiones Digitales is a 50-50 joint venture dedicated to developing projects for the internet, including portal;
  • and Inversiones Grupo Multimedia de Comunicaciones, backed 76.9% by Prisa and 23.1% by Garafulic, will house Garafulic's three national newspapers as well as various specialised publications.
  • The agreement was presented Monday in La Paz by Prisa president Jesus de Polanco and Raul Garafulic.