Business Services Industry
TV Azteca to make another bid for Channel 40.
Internet Securities, March, 2003
MEXICO CITY, Mar 24, 2003 (El Universal/Corporate Mexico by Internet Securities, Inc. via COMTEX) -- After an extended legal battle and broken negotiations, TV Azteca has decided to buy 51% of Televisora del Valle de Mexico (TVM) shares, the concessionaire of Channel 40. The deal will grant TV Azteca the control of the company.Francisco Borrego, legal director of TV Azteca, said he would ask for TVM's financial statements to learn its total debts and determine how much must be paid for that shareholding. The purchase will be based on what was established in the stock option contract, signed by both parties in 1998. The contract grants the right to TV Azteca to acquire 51% of shares.Borrego said TVM would continue being the concessionaire, but that TV Azteca would...
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