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Brazil Sports Sales & Debt Restructuring.

Grupo Abril's pay-TV arm, TVA, announced late last year it would sell its 50 percent stake in ESPN Brasil to ESPN International as part of its strategy to focus on channel distribution.

In other Brazilian pay-TV news, Globo Cabo restructured its share composition in order to reduce its $600 million debt. Moises Pluciennik, director of the holding company for Globo Cabo, admitted to Brazil's Gazeta Mercantil that the pay-TV company's expansion plans had been restricted by its indebtedness. As a result of its share reconstitution, BNDESPar, the equity arm of the Brazilian Development Bank, acquired 8.6 percent of Globo Cabo's capital for $200 million.
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Publication:Video Age International
Article Type:Brief Article
Geographic Code:3BRAZ
Date:Jan 1, 2000
Words:105
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