ABC, Hearst buy TVA stakes

Capital Cities/ABC and Hearst inked a deal last week to acquire 10% each of Brazilian pay TV operator TVA, sources close to the deal have confirmed.

Each party will bring $50 million in fresh capital to the Sao Paulo-based company, which signed a similar deal with Falcon Cable in September. The deals were handled by Chase Manhattan Bank, which took a 17.15% stake in TVA last year.

Including a cash injection from its corporate parent, publishing group Abril, TVA is thus enjoying a $200 million infusion this term.

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