Co. plans to invest funds in pay-per-view biz
HOLLYWOOD — Chilean businessman Sebastian Pinera has bought No. 4 Chilean net Chilevision from the Claxson Interactive Group for $24 million after long negotiations.Claxson plans to invest the funds in its pay-per-view business in Latin America. Over the past two years, Chilevision was the fastest-growing broadcast TV channel in Chile. Its sales grew by 61%, ratings increased by 34.7%, and its advertising share rose as well. “In 2002, the channel was losing over $1.5 million a year. Two years later, in 2004, the channel made a profit of about $2.5 million,” said Claxson chairman-CEO Sebastian Pinera. Claxson’s principal shareholders are Venezuela’s Cisneros Group and funds affiliated with Hicks, Muse, Tate & Furst. It has offices in Buenos Aires and Miami.