Mexican retailer Elektra will sell its 18.3% indirect stake in No. 2 broadcaster TV Azteca in a private deal valued at $316 million. Both Elektra and TV Azteca are controlled by Azteca chairman and CEO Ricardo Salinas Pliego.
The Elektra board will give a group headed by Salinas Pliego the option to buy the stake alone or with a strategic partner.
In recently reported second quarter results, Azteca revenue rose 22% in dollar terms to $143 million. While ad revs were up, exports fell by 50% to just $4 million, reflecting Azteca’s decision to suspend programming sales to U.S. broadcasters while it seeks an equity participation in a US Spanish-lingo net in exchange for programming.