Colombian billionaire Sarmiento buys daily El Tiempo

Colombia's richest person, Luis Carlos Sarmiento, has finalized his purchase of the country's leading newspaper El Tiempo, according to a statement from his firm.

The organization run by 79-year-old Sarmiento, who made his fortune first in construction and then also banking and is ranked no. 64 on the Forbes list of billionaires, on Thursday completed a 55 percent stake purchase in the El Tiempo media group from Spanish multimedia firm Grupo Planeta.

No dollar figures were revealed in the statement, but Colombia's top magazine Semana last month said the anticipated 55 percent stake would cost Sarmiento about $292 million.

Source: Dow Jones