Executive about to send Congress bill on foreign investment in media

The Communications Ministry says it has finished drafting legislation on foreign investment in media companies. The bill goes next week to the Office of the Presidential Chief of Staff, which will send it to Congress. A few changes were made as a result of the public consultation. For example, funds held abroad by residents of Brazil will not be considered foreign capital. The item dealing with investment by pension funds has been struck out, but the reference to Decree Law 236/67 has been retained and nothing will therefore change as far as concentration of ownership is concerned. Media companies won?t be required to seek the Communications Ministry?s approval when appointing directors, as originally proposed.

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