American pay-TV operator Direct TV has increased its stake in Sky Brazil to 93% in an operation valued at around $605 million.
The operation was made through Direct TV Latin America and this money was paid to Globo Comunicaçâo et Participaçôes which had owned the satellite pay-TV platform in the past and still had an important stake in it. Direct TV has previously has a 74% stake in Sky Brazil and going forward, Globo , Brazil's leading broadcaster, will maintain a 7% share in the operator.
According to the terms of the agreement Globo will continue to provide the platform with the programming according to pre-existing agreements between the two parties. Globo will be able to sell the rest of its stakes in the platform to Rupert Murdoch's pay-TV company in 2014.