The Werthein Group today acquired Vrio Corp, a US company that manages the business operations of DirecTV’s Latin American subsidiary. This was confirmed by company sources to THE NATION. It was in the hands of AT&T.
With 10.3 million subscribers, Vrio offers live and on-demand video services through DirecTV Latin America, SKY Brasil and DirecTV Go. Is present in Brazil through the brand SKY and in the Argentina, Barbados, Chile, Colombia, Curaçao, Ecuador, Peru, Trinidad and Tobago and Uruguay through the brand DirecTV. DirecTV Go is a subscription service over-the-top (OTT) offering online access to a variety of live and on-demand programming on Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru and Uruguay.
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“Our vision for the future is to maximize these leading entertainment brands in Latin America, maintaining its leadership and increasing its value proposition by investing in technology and content aligned with the viewing habits of each subscriber, including the next generation of consumers, ”he said. Dario Werthein, shareholder of Grupo Werthein.
Vrio’s infrastructure includes state-of-the-art transmission centers and satellites that transmit 4K video formats. Vrio’s broadband operations, along with other investments, including Tournaments and Competitions in Argentina and WIN Sports in Colombia, will be transferred to the Werthein Group upon closing.
“Vrio has a talented and dedicated team of employees and we look forward to continuing to work with them. We are confident that they will remain committed to business success, customer satisfaction and excellent service delivery, ”added Werthein.
“This transaction will allow us to further refine our focus on investing in connectivity for customers,” said Lori Lee, CEO of AT&T Latin America, adding: “We remain committed to Latin America through our wireless business in Mexico and services for multinational corporations operating in the region.”
As reported, until the close of the operation in early 2022, all employees will operate as usual and when the transaction is completed “Substantially all employees who support Vrio’s operations today” would become part of the Werthein Group.
The amount of the acquisition is not yet known, but it means the family’s return to the world of telecommunications. The firm does business in various sectors such as insurance, health, technology and agribusiness.
“Taking into account this transaction, AT&T classified Vrio as ‘asset-for-sale’ as of June 30, 2021 and reported those assets at fair value less cost to sell, which resulted in an impairment of $ 4.6 billion, including $ 2.1 billion related to accumulated foreign currency translation adjustments. The companies expect the transaction to close in early 2022. AT&T plans to announce the results for the second quarter of 2021 tomorrow, Thursday, July 22, “the statement explained.
In 1992, the company acquired 9.11% of Citicorp Equity Investment from Citicorp, which was the third largest group in Argentina with interests in telecommunications, utilities, media and other industries and, in 1997, they bought 11.43 % additional.
Meanwhile, in 2003, it bought 48% of Sofora, which indirectly controlled 54.7% of Telecom Argentina until 2017, when they sold it to Fintech Telecom LLC – led by Mexican David Martínez – before Telecom merged with Cablevisión.