MEXICO CITY Aug 1 Mexico's top broadcaster
Televisa on Thursday said it paid 7 billion pesos
($545 million) in seeking to acquire a controlling stake in
Mexican cable company Cablecom.
The deal, which is subject to regulatory approval, would
give Televisa control over 51 percent of Cablecom with the
option to purchase the remaining 49 percent, the company said in
Cablecom has 1.2 million cable, Internet and voice
subscriptions, the company said. Televisa reported 4.68 million
cable, Internet and voice subscriptions at the end of the second
quarter. Televisa also has 5.6 million satellite TV subscribers.
The deal is not a straightforward acquisition. Televisa
bought convertible debt in Tenedora Ares, the holding company
behind Cablecom. That investment can convert into ownership of
95 percent of Ares stock.
As part of the deal, Televisa said it had also invested 2.5
billion pesos in Ares debt.
Cablecom expects to see revenues of 3.9 billion pesos in
2014 and projects earnings before interest, taxes, depreciation
and amortization (EBITDA) at 1.6 billion pesos next year,
Ares will have the option to purchase the remaining stake of
Cablecom at a price equal to 9.3 times EBITDA during the 12
months prior to exercising the option, the statement said.