TV Grupo Televisa SA

By Anthony Harrup

MEXICO CITY -- Mexican television and telecommunications company Grupo Televisa SAB agreed to sell its 40% stake in live entertainment business Ocesa Entretenimiento as part of its plans to divest non-core assets and focus on its broadcast, cable and content operations.

Televisa said it will receive 5.2 billion Mexican pesos ($273 million) for the sale, as well as a dividend of 350 million pesos on or before the closing of the deal.

U.S.-based Live Nation Entertainment Inc. agreed to acquire a controlling 51% stake in Ocesa, including Televisa's stake and 11% of Ocesa held by Mexico's Corporación Interamericana de Entretenimiento SAB, or CIE.

CIE will maintain a 49% stake in Ocesa.

"This move furthers Live Nation's goal of building its global live entertainment platform, allowing the company to better service artists who now travel the world to play to their expanding global fan base," Live Nation said in a release.

The deal is Televisa's third asset sale since last year when it announced plans to divest certain assets to focus on its core business. Last week Televisa agreed to sell its 50% stake in radio broadcaster Sistemas Radiopolis, and last year sold its 19% stake in Spanish media group Imagina.

Write to Anthony Harrup at anthony.harrup@wsj.com

(END) Dow Jones Newswires

July 24, 2019 17:53 ET (21:53 GMT)

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