The Globo group is making significant changes in the pay-television segment as part of a major restructuring that includes the incorporation of a public holding company for all the group?s equity holdings in the media industry. Commenting on the changes in an exclusive interview with PAY-TV News, Roberto Irineu Marinho, chairman of Globo S.A., the new holding company, highlighted the capitalization of Net (ex-Globo Cabo) and its membership of Bovespa?s New Market based on the highest standards of corporate governance. Globo S.A. will no longer have absolute control of cable operations. ?Hence the new shareholder agreement, which provides for shared management,? he explained. Because of the upcoming share issue, he declined to discuss the future of Net but noted that CEO Luiz Antônio Viana will report to the board of Globo S.A., as will the new CEO of Sky, whose name will be announced shortly. Cable assets in Brazil are relatively cheap at present, he said, offsetting the global contraction of investment in infrastructure. Turning to Globosat, Roberto Irineu Marinho said exclusivity reflects overbuilding in several key cities and the group is prepared to discuss new models as proposed by ABTA, the pay-TV industry association. ?We?re keeping all options open,? he said. ?Anything that will enhance market efficiency is worth looking at.? Responding to a question on rumors that News Corp. is about to take control of Sky, Mr Marinho said: ?No comment.?
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