Portugal Telecom sells PTM stake

Move follows competition authority criticism

Portugal Telecom has sold its outstanding 8.3% stake in PT Multimedia, which controls more than 80% of Portugal’s cable and satellite TV biz.

PT spun off the unit on Nov. 7, but it has been criticized by the European Commission and the Portuguese competition authority for not actually giving up control as both companies share core shareholders.

The telco hopes that by selling the stake it will quell this criticism.

One third of PTM stock is held by Portuguese banks, including CGD with 15% and BES with 9%. The banks are also leading shareholders in PT and strategic partners.

Another local bank, BPI, purchased 7.8 million PTM shares during the spinoff and holds a 7.75% stake.

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