Televisa to pull out of Nextel stake acquisition plan?

15 Oct 2010

Mexican broadcasting giant Televisa is to back out of an agreement to acquire a stake in local wireless operator Nextel de Mexico, Bloomberg reports citing local press stories. It is understood that Televisa is looking to refocus on its television operation and an official announcement is expected to be made ‘soon’. As previously reported by CommsUpdate, in February 2010, having previously been granted regulatory approval to acquire a stake in Nextel, Televisa revealed that it had agreed to pay USD1.44 billion for a 30% holding in the digital trunking operator. The deal was contingent on the success of a joint bid by the two companies for wireless spectrum, and the joint venture was subsequently confirmed as the winner of a nationwide concession for spectrum in the 1700MHz band in August 2010. Should Televisa move forward with plans to back out from the stake acquisition Nextel, which is owned by US-based NII Holdings, would lose a major source of the funding it is likely to rely on for expanding its mobile services.

Mexico, Grupo Televisa/Nextel Mexico JV, Nextel de Mexico