Portugal Telecom To Buy Ownership Stake In SportTV
Portugal Telecom is in negotiations with rival Zon Multimedia and Sportinveste to take part ownership of broadcast group SportTV, according to Simoes & Venancio of ECONOMICO.sapo.pt. Zon operates SportTV, while Sportinveste is the leading shareholder. PT is looking to acquire "close to" a 25% share of SportTV. The bank BPI and "another institution that has yet to be named" will do a business valuation of SportTV in the upcoming weeks to see how much PT will have to pay. Market analysts estimate that the group of eight channels "to be worth more than" €100M ($120M) (ECONOMICO.sapo.pt, 8/13).