Cisneros Group of Companies Reaffirms Commitment to DIRECTV Latin America as Venture Successfully Completes Restructuring Process.Business Editors CARACAS, Venezuela--(BUSINESS WIRE)--Feb. 26, 2004 Following DIRECTV Latin America's Tuesday, February 24th announcement that it has successfully completed its restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). process and emerged from Chapter 11, the Cisneros Group The Cisneros Group of Companies is one of the largest, privately held media, entertainment, telecommunications and consumer products organizations in the world. The Group owns or holds interests in companies ranging from broadcast television, networks and pay television businesses of Companies - which holds a 14.1% ownership stake in the business - has today reaffirmed its continued commitment to the success and growth of DIRECTV Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . The Cisneros Group of Companies believes the restructuring process has provided DIRECTV Latin America a stronger foundation given current market conditions, without compromising the delivery of excellent services to Latin American consumers. In response to questions about the possibility of combining the SKY and DIRECTV satellite platforms in Latin America, Gustavo Cisneros Gustavo Cisneros (b. 1945)[1] is a Venezuelan-born media mogul. He is among the world's richest men according to Forbes magazine, which estimates his fortune at $5 billion. , Chairman of the Cisneros Group of Companies, indicated that "a merger between DIRECTV and SKY had been contemplated over two years ago when Rupert Murdoch first attempted to acquire control of Hughes. However, as we all know, at the last minute Charles Ergen of Echostar presented a more attractive offer to the Board of General Motors, which was accepted, but not finalized See finalization. , because it did not receive the approval of the U.S. regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities ." Cisneros added, "DIRECTV can now focus on future achievements with its timely emergence from Chapter 11. Today's restructured DTVLA is in an excellent position to compete in the Latin American pay TV market. Going forward, I am sure all options will be considered to optimize the long-term business model, but at this time there are no discussions or agreements in place to merge or otherwise combine SKY with DIRECTV." As previously reported, DIRECTV Latin America filed for Chapter 11 protection March 11, 2003 in order to aggressively address its financial and operating challenges. The filing only affected the U.S. entity and did not include any of the operating companies operating company A business that engages in transactions with outsiders. in Latin America and the Caribbean. |
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