En cierto modo, la historia vuelve a repetirse. Tal como a principios de los 90, el duopolio de la prensa impresa en Chile, constituido por la Empresa Periodística El Mercurio y Copesa, que edita La Tercera, enfrentan una aguda crisis financiera.
Con una diferencia crítica: en esta ocasión no habrá salvataje estatal; o al menos, se supone. Sin ese subsidio, que en su discurso doctrinario repudian, las dos principales cadenas de la prensa impresa, son, en rigor, muertos caminando.
El Mercurio S.A.P. acumula millonarias deudas previsionales y laborales. En 2024-2025 se tramitaron juicios de cobranza por cerca de $168 millones en cotizaciones previsionales impagas, monto que sube a $362 millones al incluir procesos suspendidos mediante cheques de garantía.
Esto llevó a que varias AFP y la Mutual de Seguridad iniciaran acciones judiciales, incluso solicitando el embargo de bienes del diario. El Mercurio debió negociar un pago en cuotas con la AFP Provida (unos $81 millones) para frenar un embargo, y presentó cheques para detener otra demanda de AFP Habitat por $114 millonesestapasando.cl.
Asimismo, AFP Capital demandó $124,8 millones y la Mutual de Seguridad reclamó cerca de $43 millones, al punto de pedir al tribunal la retención de la devolución de impuestos del diario. Esta situación refleja la insolvencia del decano de la prensa chilena, pese a pertenecer a la influyente familia Edwards y a contar con unos 700 trabajadores en varias publicaciones históricas.
Por su parte, La Tercera, perteneciente al Grupo Copesa de la familia Saieh, atraviesa una crisis igualmente crítica. Desde 2023, Copesa ha acumulado 35 acciones judiciales por deudas impagas con proveedores y ex trabajadores.
Sun Chemical, Un proveedor de insumos de impresión, solicitó la quiebra de Copesa por facturas impagas que superaban los $60 millones. Logró un acuerdo de pago, in extremis.
Otros acreedores también acudieron a la justicia. La empresa de seguridad Eulen logró embargar las cuentas bancarias de Copesa en noviembre de 2023, aunque solo encontró $4,6 millones de los $13,2 millones que debía incautar. Por entonces, la deuda con Eulen rondaba $132 millones.
En paralelo, La Tercera ha tenido dificultades para pagar a tiempo los sueldos de sus trabajadores, con el consabido clima de tensión laboral y amenazas de huelga en la redacción. A modo de ejemplo, en febrero de 2025 la empresa pagó los sueldos de manera parcial y fuera de plazo, detonando protestas del sindicato de prensa.
Estos indicadores evidencian que ambos consorcios periodísticos operan con serios pasivos impagos –desde cotizaciones previsionales adeudadas hasta obligaciones con proveedores y personal– que comprometen su continuidad.
Aunque los montos todavía son inferiores a los de la crisis del 90, esta vez asoma una diferencia de índole cualitativa.
La crisis financiera de los dos oligopolios de la prensa impresa se inscribe en el contexto, o mejor, en el concierto, de tres bajas: baja en la credebilidad; baja en el número de lectores y baja en los ingresos publicitarios; factores que, naturalmente, se retroalimentan.
Disminución de lectores y circulación de diarios
El periodismo impreso en Chile ha experimentado una drástica pérdida de lectores y circulación.
Entre 2017 y 2023, la proporción de consumidores de prensa impresa cayó de 46% a 16%, una merma de más del 50%, en menos de diez años.
La circulación de diarios ha derrumbado en la misma línea.
En 2015 El Mercurio vendía alrededor de 100 mil ejemplares diarios, y unos 200.000 los domingos.
La Tercera alcanzaba a cerca de 80.000 diarios y unos 150.000 ejemplares en las ediciones de fin de semana. Hoy son muy inferiores. No existe transparencia sobre los tirajes actuales pues Chile carece de auditorías públicas recientes de circulación, pero es sabido que los números bajan sostenidamente.
En regiones, muchos diarios locales han cerrado o reducido sus frecuencias de publicación ante la caída de ventas. En suma, la audiencia de papel se ha reducido a una fracción de lo que era, cambiando los hábitos hacia lo digital y poniendo en jaque el modelo tradicional de la prensa escrita.
Caída del avisaje publicitario en la prensa impresa
Un factor central de la crisis es la debacle de los ingresos por publicidad en los diarios impresos. Históricamente, la venta de avisos comerciales fue la principal fuente de financiamiento de los periódicos.
Sin embargo, la irrupción de Internet –con gigantes como Google y Facebook– redistribuyó el mercado publicitario, con severo recorte de los ingresos de la prensa tradicional. La publicidad migró hacia medios digitales más eficientes y segmentados, dejando a los diarios con una porción cada vez menor de la “torta” publicitaria.
En Chile, esta tendencia se refleja claramente: en 2023 la prensa escrita captó apenas un 2,7% de la inversión publicitaria total del país, mientras que la publicidad digital concentró un 51,1% y la televisión abierta un 24,6%.
Es decir, de más de US$1.100 millones invertidos en publicidad ese año, solo una fracción mínima terminó en diarios en papel. Este cambio radical contrasta con décadas anteriores, cuando los diarios recibían una porción significativa de los avisos.
La contracción del avisaje impreso ha golpeado especialmente a El Mercurio y La Tercera: sus ingresos por publicidad tradicional cayeron en picada, sin que el crecimiento de la publicidad online, mucho más barata y dominada por grandes plataformas, logre compensarlo.
Diversos reportes señalan que la industria periodística chilena no ha conseguido revertir la pérdida de ingresos publicitarios clásicos, lo que la ha obligado a recortar costos y buscar nuevos modelos de negocio. En resumen, la fuga de anunciantes hacia lo digital ha dejado a los diarios con una estructura de costos pesada y con recursos muy menguados para sostenerla.
La crisis del Grupo Saieh
El Grupo Copesa –propietario de La Tercera, La Cuarta, Pulso y varios medios digitales– enfrenta una de las peores crisis de su historia. En 2024, reportó pérdidas cercanas a $5.000 millones, resultado de la caída de ingresos y costos fijos elevados. Al mismo tiempo, arrastra deudas significativas: alrededor de $6.000 millones con proveedores, arrendadores y entes previsionales.
Copesa debe un tercio de esa suma solo en arriendo de sus oficinas actuales, propiedad del Grupo Patio, al cual adeuda varios meses. El resto corresponde a facturas impagas, indemnizaciones laborales comprometidas y cotizaciones previsionales atrasadas desde febrero de 2025.
Incluso mantenía una deuda fiscal con la Tesorería General de la República, la cual tuvo que repactar en 48 cuotas para evitar acciones legales por impuestos impagos.
Esta compleja situación financiera se agravó en el verano de 2025, cuando los ingresos por publicidad cayeron más de lo previsto, estrechando aún más la liquidez.
En febrero de 2025 le estalló un flanco judicial a Álvaro Saieh, controlador de Copesa, cuando Banco Itaú lo demandó por una deuda personal de US$27 millones, acusándolo de ocultar activos en el extranjero.
La noticia de esa demanda minó la confianza de los financistas. Las empresas de factoring retiraron su apoyo, lo cual impidió que Copesa adelantase pagos con facturas, y redujo se crédito virtualmente a cero. in crédito.
Consecuencia de lo anterior fue el atraso en el pago de sueldos en La Tercera y demás medios del grupo. En enero 2025 hubo pagos fraccionados; por ejemplo, 30% del salario a fin de mes y el resto una semana después, e incluso diferimiento mayor para los altos cargos.
El conflicto con los trabajadores escaló hasta huelgas de “brazos caídos” y paros simbólicos.
Copesa ha bebido hasta las heces, el trago amargo de la reestructuración. En los últimos años el holding redujo su tamaño de forma sustancial: de alrededor de 1.000 bajó a unos 350 trabajadores entre las áreas editorial y comercial, mediante sucesivas olas de despidos; con sus disolventes efectos en el clima subjetivo y laboral de la empresa.
En 2016 vendió u histórico edificio corporativo de calle Vicuña Mackenna, y se mudó a oficinas arrendadas en Las Condes. Inicialmente ocupó 11 pisos; hoy conserva tres.
En 2021, Copesa tomó la decisión estratégica de eliminar la edición impresa diaria de La Tercera. Dejó de imprimir de lunes a viernes, y concentró la impresión al fin de semana. Los ingresis por venta de ejemplares en kioscos, los días de semana, no cubrirían los costos de impresión y distribución.
Actualmente, La Tercera solo imprime ediciones en papel los días sábado y domingo, con una circulación acotada a suscriptores y puntos de venta en la Región Metropolitana y Valparaíso.
En respuesta, la Confederación Nacional de Suplementeros de Chile boicoteó a Copesa. Sus asociados de Santiago y la V Región decidieron no vender los diarios de Copesa, La Tercera, La Cuarta y revistas, conflicto que simboliza la ruptura del tradicional circuito de venta en kioscos.
Esta movida marcó el paso definitivo hacia un modelo digital. La Tercera potenció su sitio web, actualmente líder en audiencia digital, según Comscore, y se enfocó en captar suscriptores.
A inicios de 2025, el diario contaba con cerca de 60 mil suscriptores sumando las suscripciones en papel y las exclusivamente digitales, un indicador del giro hacia el modelo de pago por contenido. No obstante, la transición ha sido difícil; los ejecutivos reconocen que los ingresos por suscripciones y publicidad online no logran equilibrar la caída de la publicidad tradicional.
Otro cambio importante operó a nivel de financiamiento interno: a mediados de 2024, la familia Saieh –golpeada a su turno por sus por sus propias crisis, como la quiebra del holding bancario CorpGroup en 2021, decidió dejar de inyectar recursos para cubrir las pérdidas de Copesa
Hasta entonces, Saieh había invertido más de US$120 millones en subsidiar el negocio periodístico. Pero ahora el grupo, debilitado tras perder control del banco Itaú y otras empresas, optó por la política de que Copesa “se las arregle” con sus propios medios
Esto implica que el conglomerado de medios debe alcanzar un tamaño sostenible acorde a sus ingresos reales. De hecho, cálculos internos señalan que para lograr equilibrio, Copesa debería operar con menos de 300 personas en total, ajustando más su estructura.
Los directivos han comunicado a la plantilla un plan de emergencia que incluye mantener los sueldos diferidos solo hasta agosto de 2025, compensando con pequeños bonos a quienes han debido esperar, e impulsar agresivamente el área comercial para aumentar ingresos.
En síntesis, la estrategia de Copesa pasa por achicarse y digitalizarse: reducir al mínimo los costos fijos (personal, oficinas, impresión) y apostar por el crecimiento de sus plataformas digitales y suscripciones pagadas, con la esperanza de que ese modelo garantice su supervivencia a largo plazo.
La situación, sin embargo, sigue en desarrollo y con alta incertidumbre. Difícil que medidas gerenciales como aún mayores recortes en el gasto, o implementar plataformas digitales pagadas resuelvan una crisis de orden estructural, menos aún cuando en sus tiempos de vacas gordas dilapidó el principal activo de un medio de comunicación: la credibilidad.
Transformación digital, cierre de medios y perspectivas del periodismo chileno
La situación descrita forma parte de un proceso más amplio de transformación de la industria periodística en Chile, influido tanto por tendencias globales como por factores locales.
La digitalización ha cambiado profundamente los hábitos de consumo informativo: hoy la mayoría de los chilenos se informa por medios digitales (prensa online, redes sociales) mientras la prensa escrita tradicional quedó relegada a minorías nostágicas
Esto ha colocado a los medios tradicionales en la encrucijada de reinventarse o perecer. En los últimos años se ha visto un desfile de cierres o reconversión de medios impresos en Chile.
El diario La Nación, fundado en 1917, dejó de circular en papel en 2010 por decisión gubernamental. La Cuarta, de Copesa, cerró su edición impresa en 2021, pasando a formato digital después de más de 35 años en los quioscos. Revistas emblemáticas como Paula y suplementos como Más Deco también dejaron de imprimirse ese año.
El Mercurio, por su parte, ha ido fusionando o cerrando algunos de sus suplementos, y recortando páginas y tirajes en sus ediciones regionales.
A la par, se han generado nuevos medios nativos digitales e independientes, como El Mostrador, CIPER, Interferencia, El Ciudadano y El Desconcierto, entre otros, que han ganado audiencia aprovechando la flexibilidad de Internet, aunque enfrentan el desafío permanente de la monetización.
Este reajuste estructural ha venido acompañado de reducción de personal en las redacciones tradicionales. Tanto El Mercurio S.A.P. como Copesa han ejecutado múltiples rondas de despidos en la última década.
Copesa, como se mencionó, pasó de cerca de mil trabajadores a 350 en pocos años. El Mercurio ha implementado retiros programados y despidos en proporción no menor.
La precarización laboral de los periodistas se ha acentuado. Muchos profesionales migran hacia comunicaciones corporativas o independientes, ante la escasez de plazas estables en medios tradicionales.
En algunos casos, diarios históricos han optado por alianzas o compras de contenido externo, reduciendo producción propia. Este ecosistema plantea interrogantes sobre la calidad y pluralismo de la información disponible para la ciudadanía, dado que una prensa escrita debilitada puede implicar menos investigación periodística de largo aliento y menor fiscalización al poder.
En medio de la crisis, se ha discutido también el papel que podría jugar el Estado para sostener al sector periodístico. Actualmente, el apoyo estatal directo es limitado.
Existe un Fondo de Fomento de Medios de Comunicación Social que anualmente entrega financiamiento concursable a medios regionales, locales y comunitarios. En 2024 repartió $2.345 millones de pesos a 543 medios en todo Chile. Pero estos montos se enfocan en proyectos acotados y no solucionan el problema.
El Estado canaliza recursos vía avisaje gubernamental, pero dicha inversión, repartida en diversos medios, representa una fracción mínima del presupuesto de un diario y ha ido también migrando a soportes digitales.
Ante la magnitud de la crisis, han surgido voces que proponen repensar las políticas públicas de comunicación: por ejemplo, incentivos tributarios a medios que se digitalizan, fondos de emergencia para el periodismo de investigación, o la creación de nuevos medios públicos y comunitarios que llenen el vacío informativo en caso de que los privados colapsen.
No obstante, cualquier intervención estatal enfrenta el dilema de cómo equilibrar la libertad de prensa con la necesidad de sostener un sector en declive.
En conclusión, el periodismo escrito chileno está inmerso en una transformación disruptiva.
La era del papel –con circulaciones masivas y altos ingresos publicitarios– se fue para no volver. Pocos la van a extrañar. La práctica de la desinformación le está pasando la cuenta.
En su lugar se está desarrollando una era digital, aún confusa, marcada por audiencias fragmentadas, menores ingresos por lector y mayor competencia por la atención.
La crisis financiera de El Mercurio y La Tercera ejemplifica las dificultades de este tránsito, con diarios emblemáticos lidiando con deudas, menos lectores y la urgencia de reinventar sus modelos de negocio.
Pero, al mismo tiempo, esta crisis abre oportunidades para la innovación periodística, tal como nuevos formatos, suscripciones en línea, periodismo de nicho, etc, así como para para replantear el rol de la prensa en la sociedad actual.
El desenlace aún está escribiéndose: dependerá de la capacidad de los medios tradicionales para adaptarse digitalmente, del surgimiento de actores alternativos, y del apoyo –o al menos un marco regulatorio favorable– que puedan brindar las políticas públicas para que el periodismo chileno siga cumpliendo su función democrática en el siglo XXI; lo cual demanda, necesariamente, una profunda y sincera autocrítica.
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