U.S. firms want out of TVA

Cabler dwarfed by competish

MIAMI — Disney/ABC, Falcon Cable, Hearst Corp. and Chase Manhattan are all looking to quit struggling paybox TVA.

The U.S. companies have a combined 38% stake in TVA, which is majority-owned by publishing giant Abril. With 550,000 subscribers, TVA is dwarfed by media giant Globo, whose cable subsids control around 2 million subs.

An industry insider says two banks, including Citicorp, are performing due diligence at TVA on behalf of potential buyers of the U.S. portion; Citicorp may be representing voracious Argentine media investor CEI, of which the bank is a backer.

Calls to Falcon, Hearst and TVA were not returned.

The decision to ankle comes at a time of almost flat cable growth in Brazil — only satcaster biz has climbed this year — and follows several years of tensions between partners.

Ten days ago, CEO Raul Rosenthal was replaced by Jose Augusto Pinto Moreira, who becomes TVA’s fourth topper in two years.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More TV News from Variety

Loading