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Aware that family businesses must reinvent themselves, when the times require it so, María Eugenia Ferré Rangel, president and CEO of GFR Media, announced that her company has invested nearly $50 million in the last six months with the main purpose of transforming the business model of the El Nuevo Día and Primera Hora newspapers.

Economic, demographic and technological changes have forced said transformation, the entrepreneur explained adding that the media industry -- especially newspapers -- have suffered a dramatic reduction. Since 2000, revenues in circulation and advertising have seen a 43 percent reduction, according to the latest report issued by Pew Research Center’s Project for Excellence in Journalism.

“Nevertheless, people have been reading more news,” said Ferré Rangel as she mentioned that  their multiple platforms consist mainly of wireless and online communications.

“We saw the change coming on time,” she said. The enterprise made some investments in the new model, where the goal is for all users to be able to access information from their favorite platform.

GFR Media is much more than the operation phase of a newspaper; it’s an information for content management company, capable of meeting the needs of its audience, regardless of its location, Ferré Rangel explained.  

“Our transformation, reinvention and revitalization is already generating positive outcomes,” she revealed.  And that is because El Nuevo Día has 374,000 fans on Facebook, making it the second newspaper in the United States with the highest number of fans, only surpassed by the New York Times. Primera Hora came in third.

Ferré Rangel commented that technology continues to evolve, and GFR Media continues to evolve with it. The top executive added that the opportunity for growth is palpable. “It’s just a matter of watching it closely, adapting and moving forward,” she concluded.

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