The Wall Street Journal -- July 23, 1998
Technology:
Televisa Is Investing
In Wireless Provider
Backed by Qualcomm
MEXICO CITY -- Mexican media giant Grupo Televisa SA and three
U.S. and Japanese firms invested $400 million in an ambitious wireless
start-up here backed by U.S. telephone-equipment maker Qualcomm Inc.
The start-up, Pegaso Telecomunicaciones SA, said that in addition to
Televisa, Mexico's No. 1 broadcaster, its new investors include a Citicorp
unit; AIG-GE Capital Latin America Infrastructure Fund, a private-equity
fund established by American International Group Inc. and General Electric
Co.'s GE Capital unit; and Tokyo trading company Nissho Iwai Corp.
Pegaso, whose founder and principal shareholder is Televisa Vice
Chairman Alejandro Burillo Azcarraga, plans to offer low-cost
wireless-telephone service early next year in Mexico City, Guadalajara,
Monterrey and Tijuana, all in Mexico.
Pegaso will compete with a fledgling wireless company owned by Ricardo
Salinas Pliego, the controlling shareholder of Mexico's No. 2 broadcaster,
Television Azteca SA, and with a unit of the former state telephone
monopoly, Telefonos de Mexico SA.
Under the new shareholding structure, Mr. Burillo and Televisa will
together own 52% of the new venture. Qualcomm, San Diego, will see its
equity stake in the venture reduced from 49% to 25%. The new foreign
investors will hold the balance of the shares.
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