MEXICO CITY — TV Azteca topper Ricardo Salinas Pliego has bought out the remaining shares owned by his investment partners, the Saba family.
As a result, Salinas Pliego and his family and related interests now own 72% of Mexico’s No. 2 broadcaster, up from a 65% stake, TV Azteca said Friday.
The Saba family invested with Salinas Pliego in 1993 in the privatization of the television channels that formed TV Azteca. When the company went public in August of this year, most of the shares sold in the offering had belonged to the Saba family as they unwound their investment.
“Increasing our holdings in TV Azteca was the logical thing to do,” Salinas Pliego said. “Our expansion plan into Central and South America is on track and our pre-sales for the year are going strong. One thing is for sure: Being the largest shareholder makes me incredibly focused on maximizing shareholder value.”