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Televisa Gets $650 Million for PanAmSat

May 17, 1997|Bloomberg News

Mexico City-based Grupo Televisa said it received about $650 million in cash from the sale of its stake in PanAmSat Corp. to General Motors Corp.'s Hughes Electronics Corp. The Mexican broadcaster, which owned a 40.5% interest in PanAmSat, also will receive a 7.5% stake in the new PanAmSat company and the interest that PanAmSat held in Televisa's direct-to-home venture in the Americas and Spain. That stake is valued at about $225 million. Los Angeles-based Hughes Electronics agreed to buy PanAmSat for $3 billion last year. PanAmSat shares gained 50 cents to close at $30 on Nasdaq.

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