DirecTV Latin America Expands Sky Brasil Ownership Stake

[12-20-10] DirecTV Latin America has completed a $604.8 million cash for stock transaction with Globo, which increases DirecTV’s ownership of Sky Brasil to about 93 percent, the pay-TV operator announced Dec. 16.
    DirecTV, which previously held a 74 percent stake in Sky Brasil, acquired 178.8 million shares from Globo and its affiliates with funds from its existing cash balances. Globo will continue to provide its programming to Sky under pre-existing agreements.
    Globo still owns 7 percent of Sky Brasil and retains the right to exchange all of its remaining equity interests in the company until January 2014.