Business Services Industry
Brazil: Sky and DirectTV merge.
South American Business Information, October, 2004
Brazil, Oct 13, 2004 (Gazeta Mercantil/SABI via COMTEX)
The subscription TV operators Sky TV and DirecTV Group, acquired by News Corp (controller of Sky) one year and a half ago, will merge in Brazil and Mexico. In Brazil, the division of Sky owns 806,000 subscribers and DirecTV, 427,000. With this business, Globopar, once controller of a 40.5% stake in Sky Brasil, will own a 28% stake in the new company. DirecTV Group will hold a 72%, purchasing stocks from News Corp and Liberty Media. Meanwhile Globopar will fail to guarantee a debt of US$200mil from Sky, reducing by 15% the debt of Globo (US$1.3bil). Although the business still depends on the approval of the Brazilian Administrative Council for Economic Defense Cade (Conselho Administrativo de Defesa...
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