Press historians have periodically regarded the foundation of "El Mercurio" newspaper in Santiago in 1990 as the turning point at which the modernízation of the Chilean press began. However, the better part of their publications analysis has omitted a key factor: To show that this newspaper's entrepreneurial and journalistic proposal faced in its early stages many hardships and ups-and-downs. The beginnings of this newspaper were a story in themselves. With that hypothesis en mind and based on the newspaper founder's letter exchange, this investigation seeks to demonstrate that "El Mercurio" took more than three years to become the newspaper that has been hailed by press historians.