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GET OUT OF MY WAY!

As Telef[acute{o}]nica CEO Juan Villalonga expands his Spanish telecom empire at breakneck speed, he's stepping on toes. Restructuring of the company's Internet subsidiary, Terra Networks, prompted the departures of Chief Executive Juan Perea and Director-General Jos[acute{e}] Antonio S[acute{a}]nchez, who left to "re-orientate their careers." Analysts speculate the executives were too independent for Villalonga's liking.

Terra recently cut a US$68 million deal with Brazilian media company Grupo Estado, which publishes O Estado de S. Paulo and owns real time news company Ag[hat{e}]ncia Estado, for exclusive five-year access to its content. It also bought 30% of Argentine auction site Deremate.com and is launching free Internet access across the region.
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Publication:Latin Trade
Date:May 1, 2000
Words:120
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