Earl Bonovich
02-01-07, 08:28 AM
DIRECTV Takes Sole Ownership of Latin American Operation
EL SEGUNDO, January 31: The DIRECTV Group has reached a deal to acquire Darlene Investments’ 14.1 percent equity interest in DIRECTV Latin America for $325 million in cash.
In addition to giving DIRECTV full equity ownership of DIRECTV Latin America, the deal also resolves all pending disputes between DIRECTV and Darlene, an affiliate of Venezuela’s Cisneros Group. In October 2004, Darlene filed suit against DIRECTV and its majority shareholder, News Corp., alleging fraud and violation of fiduciary duties. The suit stemmed from News Corp.’s move to consolidate its pay-TV platforms in Latin America through a series of transactions with Grupo Televisa, Globo and Liberty Media.
DIRECTV Latin America services about 4 million customers in Latin America.
Story from: WorldScreen.Com (http://www.worldscreen.com/newscurrent.php?filename=direct013107.htm)
EL SEGUNDO, January 31: The DIRECTV Group has reached a deal to acquire Darlene Investments’ 14.1 percent equity interest in DIRECTV Latin America for $325 million in cash.
In addition to giving DIRECTV full equity ownership of DIRECTV Latin America, the deal also resolves all pending disputes between DIRECTV and Darlene, an affiliate of Venezuela’s Cisneros Group. In October 2004, Darlene filed suit against DIRECTV and its majority shareholder, News Corp., alleging fraud and violation of fiduciary duties. The suit stemmed from News Corp.’s move to consolidate its pay-TV platforms in Latin America through a series of transactions with Grupo Televisa, Globo and Liberty Media.
DIRECTV Latin America services about 4 million customers in Latin America.
Story from: WorldScreen.Com (http://www.worldscreen.com/newscurrent.php?filename=direct013107.htm)