Clarin buys Multicanal

Telephony co. pays Telefonica $322 mil for final stake

BUENOS AIRES — Grupo Clarin has paid Telefonica $322 million for the 30% stake the Spanish telecom giant held in its cable subsid Multicanal.

The sale, which gives Clarin 100% ownership of the multisystem operator, comes two years after Telefonica invested around $180 million in Multicanal for an initial 25% stake.

Telefonica’s exit should make it easier for Multicanal to enter the telephony business, when deregulation arrives in 1999.

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