TV Azteca to spin off telecoms assets

7 Oct 2003

Mexican broadcaster TV Azteca has approved the spin off of its wireless operator Unefon and its broadband cable company Cosmofrecuencias into a stand alone company know as Azteca Telecom. The media company will transfer its 46.5% stake in Unefon and its 50% share of the cable company to the new company, which will be traded on the Mexican stock exchange. If plans come to fruition, Azteca Telecom could be trading by the second quarter of 2004. Richard Salinas, the principal shareholder of TV Azteca, recently acquired 75% of bankrupt wireless operator Iusacell, causing a wave of speculation that Unefon and Iusacell will be merged.