Normal 0 21 false false false MicrosoftInternetExplorer4
EduardoEurnekian was born to immigrants from Armenia, in 1933. His family establisheda textile manufacturer which prospered with the Argentine economy and became animportant supplier to international sporting apparel firm Puma; but which, likemany Argentine tectile makers, nearly collapsed after Economy Minister JoséAlfredo Martínez de Hoz's round of free trade and deregulatory policies led toa severe crisis, in 1981.
The Eurnekian family reportedly borrowed heavily from the former Argentine smallbusiness lender, BANADE, and in 1988, Eduardo Eurnekian purchased"Cablevisión S.A," then a failing local cable tv station. Hisinvestment became increasingly lucrative following Economy Minister DomingoCavallo's implementation of the Convertibility Plan in 1991, which broughtfinancial and price stability to Argentina during the 1990s. Eurnekian in 1994sold a 51% stake in Cablevision S.A. (by then Argentina's second-largest cableoperator), to Tele-Communications Inc. for US$350 million and in 1997, nettedUS$320 million by selling most of his remaining shares to local investmentgiant CEI Citicorp Holdings SA.
Eurnekian also held controlling interest in "América TV", four radio stationsand a Buenos Aires financial daily, El Cronista. "Aeropuertos Argentina2000," a consortium led by Eurnekian won a 30-year concession in 1998 torun 33 of the Argentina's main airports. He also bought the Howard Johnson'smaster franchise in Argentina from Cendant, and invested in a regional airlinecompany, LAPA.
