United Intl. Holdings is abandoning its Venezuela project, having reached an agreement to sell its cable TV assets for $10.5 million to SuperCable, the country’s largest cabler.
UIH said the purchase price will cover virtually all its investments in Venezuela. It was not yet fully operational there, and had signed up just 500 subscribers, said Tina Wilds, who was overseeing UIH’s Venezuela project.
“We decided to put our money in other places and not where we would face straight competition, particularly in the smaller cities,” Wilds told Daily Variety. The cable company plans to focus its Latin operations in Brazil, Argentina and Chile. UIH expects to close the Venezuela sale by Aug. 31.