Telefónica buys TVA stake from Grupo Abril

31 Oct 2006

Spanish telecoms heavyweight Telefónica has acquired a stake in TVA, the cable TV arm of Brazil’s largest magazine publisher Grupo Abril, writes BNamericas citing the publishing company’s press statement. Grupo Abril is reported to have agreed to sell its preferred shares and some of its voting shares in TVA, which serves the cities of São Paulo, Rio de Janeiro, Curitiba and Porto Alegre. No financial details were disclosed, although the publisher has referred to the deal as a partnership and says it will maintain operating control of TVA. Telefónica, as a foreign-owned telco, is restricted by Brazilian law from owning a controlling stake in a local cable TV operator. TVA has around 320,000 cable subscribers and more than 60,000 broadband internet customers.

Brazil, Telefonica, TVA Sistema de Televisao (TVA)