UPDATE: Argentina Supreme Court Rules Against Grupo Clarin SA

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By a 6-1 vote, the Argentina Supreme Court has upheld the constitutionality of the South American nation's Media Law, which means broadcast license limitations and divestiture for the country's largest media conglomerate, the Buenos Aires Herald reported.

As reported here (see "TUOL" posts 10/16/13, 4/24/13, 12/10/12, 10/6/10), Articles 45 & 48 of the law, which limited the number of broadcast licenses commercial entities may own, and Articles 41 and 161, which impose deadlines for divestiture, have been the subject of a five-year battle involving Grupo Clarin and Argentina's President, Cristina Kirchner.

The country's Congress enacted the law in 2009 with Kirchner's strong backing. The Supreme Court issued a 392-page opinion last week.