January 9, 2015 / 2:49 AM / 4 years ago

Mexico's Televisa completes sale of its 50 pct stake in Iusacell

MEXICO CITY, Jan 8 (Reuters) - Mexican broadcaster Grupo Televisa on Thursday said it sold its 50 percent stake in cellphone company Iusacell back to its joint-venture partner Grupo Salinas, paving the way for U.S. phone giant AT&T Inc to acquire Mexico’s No. 3 phone company.

AT&T, which said in November it would buy all of Iusacell from Grupo Salinas, received regulatory approval on the purchase from Mexico’s telecom watchdog last month.

Televisa used some of the proceeds from the $717 million stake sale to buy Mexican cable company Cablevision Red for about 3 billion pesos ($204.66 million), according to the statement it sent to Mexico’s stock exchange.

The broadcaster, which is the world’s largest producer of Spanish-language television content, said it expects its new acquisition to add 2 billion pesos in revenue in 2015.

$1 = 14.6585 Mexican pesos Reporting by Elinor Comlay; Editing by Ken Wills

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