( CNN ) -- Venezuela 's telecommunications regulator , Conatel , fined private television broadcaster Globovision Tuesday 7.5 % of its gross income for alleged violations of the country 's media responsibility laws , marking the latest salvo in the long-running feud between the broadcaster and the government . Globovision said it would appeal the fine of 9,300,000 bolivares fuertes ( $ 2.2 million ) , which the station said risked bankrupting it . Conatel 's director , Pedro Maldonado , however , said during a news conference that the fine could not be appealed . Globovision is Venezuela 's last remaining television broadcaster that is openly critical of President Hugo Chavez . The fine stems from Globovision 's coverage of a standoff at the Rodeo II prison in June and July . The station violated a law that prohibits stirring anxiety in the public and instigating intolerance for political reasons , Maldonado said . These are violations under a media responsibility law passed in December . The goal of the law is to establish `` social responsibility '' in those who provide television , radio and Internet service . The law affects all text , images , sound or context sent or received in Venezuela . Maldonado said the sanction does not seek to suspend the transmission of Globovision , a 24-hour news station . But Maria Fernanda Flores , a vice president of the network , said paying that sum could spell the end of its broadcast . `` This fine represents the bankruptcy of Globovision , '' she said . The government official said Globovision had `` a couple of days '' to pay the fine . Globovision defended its coverage of the prison standoff , which started with a riot that killed at least 22 people and turned into a nearly monthlong standoff between prisoners and national guard troops . The broadcaster said it was denied access at the scene and completed its reporting fairly and in a balanced way given its limitations . Claudio Paolillo , a member of the freedom of expression committee of the Inter-American Press Association , likened Chavez to a dictator in an interview with Globovision and said the fine was a roundabout way to shutter the station . `` The political objective is to shut down all the voices who are critical or independent , '' he said . Chavez and his top leadership did not immediately comment on the move . The broadcaster is the last remaining TV network that carries an anti-Chavez line , since the president refused to renew the license of another opposition station , RCTV , allegedly over telecommunication regulation violations . The station had to go off public airwaves and transmit solely on cable . Over the years , the government has launched various investigations into Globovision -- for everything from reporting about an earthquake before an official report had been issued , to failing to pay about $ 2.3 million in taxes . Station officials have said the charges are politically motivated . Last year , the government secured a 25.8 % interest in the broadcaster when it took over two companies , which owned a 20 % and 5.8 % stake in Globovision , respectively . The government 's interest was sufficient to name a representative to the broadcaster 's board , Chavez said then . His government has also gone after the owner of Globovision , Guillermo Zuloaga , who is wanted in Venezuela for allegedly illegally storing vehicles at his Caracas home with the intent to sell them for a profit . The TV magnate , who is living in exile , has said he is being persecuted for political purposes and that the charges are trumped up . His son is also wanted . International groups accuse Chavez of using a friendly judiciary to silence critics and the press . The president , however , maintains there is robust freedom of the press in Venezuela . The country 's constitution protects freedom of expression , but those who exercise it will be responsible for that content , the government has argued .
NEW : The penalty is the latest salvo in long - running dispute between networks and the government . The network is fined 7.5 % of its gross income for violating the law . The government accuses the network of causing anxiety in the public . The $ 2.2 million fine will force the closure of Globovision .