US West pulls out of Spain

MADRID — US West International has pulled out of Spain, selling its 25% stake in Cable Televisio de Catalunya (CTC), a pilot cable TV network in Barcelona, to Italian telco Stet (12.5%) and Spain Telecommunication (12.5%).

The latter is a consortium of U.S. financiers made up of GE Capital Services, Bank America Intl. Investment Corp. and Callaghan Associates Intl.

The main reason for US West International’s withdrawal from its only cable interest in Spain, a company spokesperson told Daily Variety, was “to focus on activities in more developed cable markets such as the U.K., Netherlands and Belgium,” where Telewest co-owns cable operators Telewest Communications, A2000 and Telenet, respectively.

As a pilot project, reaching just 20,000 homes, CTC had demanded very little investment from US West, under $10 million by one estimate.

US West’s withdrawal comes just as the Spanish government has finally begun to invite applications for regional cable TV licenses in Spain.

More Biz

  • STX Targeting August IPO in Hong

    STX Targeting August IPO in Hong Kong (Report)

    MADRID — US West International has pulled out of Spain, selling its 25% stake in Cable Televisio de Catalunya (CTC), a pilot cable TV network in Barcelona, to Italian telco Stet (12.5%) and Spain Telecommunication (12.5%). The latter is a consortium of U.S. financiers made up of GE Capital Services, Bank America Intl. Investment Corp. […]

  • EXCLUSIVE: AR for US, UK and

    Pussy Riot Claims Responsibility for People Running Onto Field During World Cup

    MADRID — US West International has pulled out of Spain, selling its 25% stake in Cable Televisio de Catalunya (CTC), a pilot cable TV network in Barcelona, to Italian telco Stet (12.5%) and Spain Telecommunication (12.5%). The latter is a consortium of U.S. financiers made up of GE Capital Services, Bank America Intl. Investment Corp. […]

  • Former Billboard CEO Accused of Sexual

    Former Billboard CEO John Amato Accused of Sexual Harassment and Other Misconduct

    MADRID — US West International has pulled out of Spain, selling its 25% stake in Cable Televisio de Catalunya (CTC), a pilot cable TV network in Barcelona, to Italian telco Stet (12.5%) and Spain Telecommunication (12.5%). The latter is a consortium of U.S. financiers made up of GE Capital Services, Bank America Intl. Investment Corp. […]

  • Instagram

    Instagram Suffers Global Outage

    MADRID — US West International has pulled out of Spain, selling its 25% stake in Cable Televisio de Catalunya (CTC), a pilot cable TV network in Barcelona, to Italian telco Stet (12.5%) and Spain Telecommunication (12.5%). The latter is a consortium of U.S. financiers made up of GE Capital Services, Bank America Intl. Investment Corp. […]

  • Harvey Weinstein arrives to court in

    Harvey Weinstein Attorney Says He Was Misquoted in 'Roles for Sex' Interview

    MADRID — US West International has pulled out of Spain, selling its 25% stake in Cable Televisio de Catalunya (CTC), a pilot cable TV network in Barcelona, to Italian telco Stet (12.5%) and Spain Telecommunication (12.5%). The latter is a consortium of U.S. financiers made up of GE Capital Services, Bank America Intl. Investment Corp. […]

  • hearst logo

    Hearst Agrees to Pay $50 Million to Settle Data-Privacy Lawsuit

    MADRID — US West International has pulled out of Spain, selling its 25% stake in Cable Televisio de Catalunya (CTC), a pilot cable TV network in Barcelona, to Italian telco Stet (12.5%) and Spain Telecommunication (12.5%). The latter is a consortium of U.S. financiers made up of GE Capital Services, Bank America Intl. Investment Corp. […]

  • Randall Stephenson

    AT&T Stock Drops on Justice Department's Appeal of Time Warner Merger Ruling

    MADRID — US West International has pulled out of Spain, selling its 25% stake in Cable Televisio de Catalunya (CTC), a pilot cable TV network in Barcelona, to Italian telco Stet (12.5%) and Spain Telecommunication (12.5%). The latter is a consortium of U.S. financiers made up of GE Capital Services, Bank America Intl. Investment Corp. […]

More From Our Brands

Access exclusive content