08/16/07


TVA

 

 

Anatel approves the sale of TVA to Telefonica with restrictions

 

Anatel (Brazil's regulator) approved in 07/18 the sale of TVA to Telefonica with restrictions. The sale of MMDS and cable TV operations outside São Paulo was approved. But the sale of 19.9% participation on cable TV operator in São Paulo was rejected. Anatel understood that Telefonica is in the control of the operator because of shareholding agreement. This operation is not approved by CADE yet.

 

TVA Results

 

Subscribers (Thousands)
2003
2004
2005
2006
2Q07
Pay TV
284
294
290
328
360*
Broad Band (Ajato)
21
31
44
62
70

Source: TVA and Valor.

 

In the Pay TV, TVA uses cable technologies (analogical and digital) and MMDS, operating in the following cities: São Paulo, Rio de Janeiro, Niterói, Curitiba, Florianópolis, Foz do Iguaçú and Balneário Camboriú.

 

TVA (R$ Thousands) 2003 2004 2005 2006
Gross Revenue 277 302 ND ND
Net Revenue 239 263 289 327
EBITDA 61 79 ND 115
EBITDA Margin 26% 30% ND 35%

 

 

Site da Operadora: TVA, Ajato

 

In 5/05/2006, Abril announced joint venture with the south-african media group Naspers, that will have 30% of the Capital Group, acquired per US$ 422 million. The business has endorsement in the contitutional emendation, of 2002, that allows the entrance of foreign investments with up to 30% of the capital in the media companies. With this operation the shares flotation, was suspended the oppening of Abril's capital in the Bovespa (São Paulo Stock Exchange).

 

In 10/29/06 Abril and Telefonica announced that Telefonica is getting the total of MMDS operations (Multichannel Multipoint Distribution Service) of TVA in the cities of São Paulo, Rio de Janeiro, Curitiba and Porto Alegre, beyond 100% of the preffered shares and part of the common shares of the cable TV operations in São Paulo, Curitiba, Florianópolis and Foz do Iguaçu, in the limits of participation allowed by the legislation. The business still must be approved by Anatel and CADE.

 

Abril's Net Revenue totalized R$ 2.3 billion in 2005, 18.3% superior to the value in 2004, R$ 2 billion. In comparison of the both stated period, the revenue increased 8.4%. Ebtida of the Group on the Net Revenue was 21.9%. Numbers that can be compared to the best media companies of the World. Editora Abril Educação (Editoras Ática and Scipione), with 15.8% and TVA with 13.9%.

 

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