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ENGLEWOOD, Colo., Sept. 30, 2013 /PRNewswire/ -- Vivendi and EchoStar Corp. (NASDAQ: SATS) announced today that EchoStar Technologies LLC and Vivendi subsidiary GVT have entered into negotiations to form a joint venture for pay TV services in Brazil.
GVT and EchoStar aim to position their future joint venture as a leader in the fast growing Brazilian pay TV market which would also benefit from the expected higher demand driven by two key global events to be held in the country: FIFA World Cup in 2014 and Olympic Games in 2016.
The joint venture would be headquartered in Brazil, managed by GVT, and would benefit from GVT´s strong market position and state-of-the-art IP network combined with EchoStar´s expertise in satellite and video technology and its Brazilian licenses. The objective is to offer a national service based on IPTV and a unique high power satellite to provide leading edge features, quality and reliability to consumers.
The deal is subject to execution of definitive agreements and all corporate and governmental approvals.
GVT is the leading alternative telecommunications operator in Brazil. Active in all fixed-line telecommunications, in high-speed broadband services and in pay-television, it fully controls its optical fiber networks, the most modern in Brazil. GVT today operates in 146 Brazilian cities all over the country and most recently entered the residential market of Sao Paulo, the country's biggest city. Its pay television services were launched in 2012, using a hybrid technology that combines the broadcast of satellite television channels, several of them in high definition, with interactive services provided through its terrestrial network; more than 500,000 households have subscribed to the service to date. The company was founded in 2000 and is a wholly-owned Vivendi subsidiary since 2010. In 2012, GVT had revenues of euro 1.7 billion and an EBITDA of euro 740 million.
EchoStar Corporation (NASDAQ: SATS) is a premier global provider of satellite operations and video delivery solutions. EchoStar's wholly-owned subsidiary, Hughes, is the world's leading provider of satellite broadband services, delivering network technologies and managed services for enterprise and government customers in more than 100 countries.
Headquartered in Englewood, CO, with additional business units world-wide, EchoStar is a multiple Emmy award-winning company that has pioneered advancements in the set-top box and satellite industries for nearly 30 years, consistently delivering value for customers, partners and investors through innovation and outstanding quality. EchoStar's contribution to video technology continues to have a major influence on the way consumers view, receive and manage TV programming.
EchoStar's consumer solutions include HughesNet®, North America's #1 high-speed satellite Internet service, Sling Media's Slingbox® products, and EchoStar's line of set-top box products for the free-to-air satellite and terrestrial markets.
Vivendi groups together are leaders in content and media. Canal+ Group is the French leader in pay TV, and also operates in French-speaking Africa, Poland and Vietnam; its subsidiary StudioCanal is a leading European player in production, acquisition, distribution and international film sales. Universal Music Group is the world leader in music; it recently strengthened and diversified its position with the acquisition of EMI Recorded Music.
In telecommunications, Vivendi owns GVT, the leading alternative broadband operator in Brazil, and SFR, a French leader in telecoms.
Cautionary Note Regarding Forward Looking Statements. This press release contains forward-looking statements with respect to the financial condition, results of operations, business, strategy, plans and outlook of Vivendi, including the impact of certain transactions. Although Vivendi believes that such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside our control, including but not limited to the risks related to antitrust and other regulatory approvals as well as any other approvals which may be required in connection with certain transactions and the risks described in the documents Vivendi filed with the Autorité des Marchés Financiers (French securities regulator), which are also available in English on Vivendi's website (www.vivendi.com). Investors and security holders may obtain a free copy of documents filed by Vivendi with the Autorité des Marchés Financiers at www.amf-france.org, or directly from Vivendi. Accordingly, we caution you against relying on forward looking statements. These forward-looking statements are made as of the date of this press release and Vivendi disclaims any intention or obligation to provide, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Unsponsored ADRs. Vivendi does not sponsor an American Depositary Receipt (ADR) facility in respect of its shares. Any ADR facility currently in existence is "unsponsored" and has no ties whatsoever to Vivendi. Vivendi disclaims any liability in respect of any such facility.
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