Televisa to take minority stake in telcom venture

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MEXICO CITY -- Grupo Televisa will pay $60 million for a 17.5% stake in wireless telcom Pegaso Telecomunicaciones, Pegaso CEO Manuel Gomez-Ortigoza confirmed.

Pegaso Telecomunicaciones is backed by U.S. wireless technology company Qualcomm and the private investment company of Alejandro Burillo Azcarraga. Pegaso said is bringing in three other new investors, all venture capital funds.

Burillo Azcarraga is Grupo Televisa's vice-chairman of the board and head of international affairs. He also holds a stake in Televicentro, the holding company that joins Televisa's principal investor families, and is a first cousin to Televisa chairman and CEO Emilio Azcarraga Jean.

The investment comes at a time when Televisa is trying to shed non-core assets and focus on entertainment production and distribution.

"It's not a lot of money for them but it sends the wrong signal to the markets," said analyst Tim Baker of Warburg Dillon Read.

Copyright July 1998, Crain Communications Inc.

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