 The company's roots date back to May 4, 1953, with the establishment of Televisión Venezolana Independiente S.A, (Televisa), which operated the channel 4 in Caracas and channel 5 in Maracaibo.When TELEVISA went bankrupt in 1960, Diego Cisneros purchased the remaining assets of the company.On February 27, 1961, Venevisión (derived from the wordplay of "Televisión Venezolana" from "Televisión Venezolana Independiente") was officially inaugurated with a special inaugural show in which thousands of people attended, and took place in the stations parking lot.