Copa Energia's owners buy biggest Globo affiliate in Brazil's Centre-West

What's the deal? Grupo Zahran, the holding company behind Copa Energia — Brazil's largest liquefied petroleum gas (LPG) distributor — has signed a deal to acquire a controlling stake in Grupo Jaime Câmara, a media conglomerate that has operated in the states of Goiás and Tocantins since 1935. Financial terms were not disclosed.

The acquisition gives Zahran a portfolio that includes TV Anhanguera, newspapers O Popular, Daqui, and Jornal do Tocantins, plus several radio stations. Combined with Zahran's existing Rede Matogrossense de Comunicação (RMC), which operates across Mato Grosso and Mato Grosso do Sul, the deal creates the largest Globo-affiliated broadcast network in Brazil — reaching roughly 16 million people across four states.

Why now? Negotiations between the two groups reportedly started back in 2018. Both networks have been Globo affiliates for over 50 years, making a merger a natural consolidation play. Jaime Câmara Júnior, the current controlling shareholder of the Goiás-based group, will stay on as a shareholder and board member after the deal closes.

What could go wrong? The transaction still requires approval from Brazilian regulatory authorities. Media ownership rules in Brazil can be complex, and combining two major regional broadcasting networks under one roof may attract scrutiny.

The signal: A gas distributor buying its way into regional media is a striking diversification move. It signals that Brazilian industrial conglomerates see value in legacy media assets — particularly regional television and radio networks with deep local roots — even as digital platforms reshape the advertising landscape. The deal also reflects ongoing consolidation in Brazil's fragmented regional media market, where scale is increasingly necessary to compete.

Read more: investnews.com.br