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Technology Stocks : Claxson Interactive Group Inc.
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To: Glenn Petersen who wrote (55)6/28/2001 7:41:20 AM
From: Glenn Petersen  Read Replies (1) of 66
 
Argentina's El Sitio to have smaller Claxson stake

BUENOS AIRES, Argentina, June 27 (Reuters) - Loss-making Argentina-based Internet media company El Sitio Inc. <LCTO.O> said on Wednesday it will have a smaller participation than originally planned in the company formed by its merger with private Ibero American Media Partners (IAMP).

Shareholders in El Sitio, which targets Spanish and Portuguese speakers, will have a 20 percent share in Claxson Interactive Group -- the new company formed by the merger -- compared with a previously foreseen stake of 34 percent, El Sitio and IAMP said in a joint statement.

"The amended transaction terms resulted from extensive discussions among the parties regarding whether the conditions precedent to the merger transaction were capable of being satisfied," the statement said.

Approximately 45 percent of Claxson will be held by members of the Cisneros Group of Companies and the remaining roughly 35 percent will be held by private equity firm Hicks, Muse, Tate & Furst, it said.

In May, El Sitio posted a first quarter net loss of $21.5 million. Its shares were up 2 cents at 43 cents in Wednesday afternoon trading on Nasdaq, near the bottom of its 52-week range of $7.94 to 27 cents.

16:24 06-27-01
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