RIO DE JANEIRO — Spain’s Telefonica has entered Brazil’s pay-TV market by acquiring a 49% stake in cabler TVA from Brazilian media giant Abril.
No financial details were revealed: Abril has canceled plans for an initial public offering of TVA shares on the Brazilian Stock Exchange.
Local regulatory agency Anatel must approve the deal.
Created in 1991, TVA is the pay-TV market pioneer here and has some 320,000 subscribers.
Additionally, Telefonica has requested a license for a satcaster platform in Brazil and plans to launch a satellite operation similar to the one it has in Chile.