DirecTV says it is not proceeding with its bid for Vivendi-owned Brazilian telco GVT. DirecTV, already a major player in terms of Brazilian DTH broadcasting, had been looking to GVT as a way of boosting its presence in the dynamic country.
The company “has decided not to move forward in its pursuit of GVT and has withdrawn from the process,” a DirecTV spokesman said.
Last week, the company’sCFO Patrick Doyle said at an investor conference that GVT was not a must- have for DirecTV, and that DirecTV would only go forward if “the economics are compelling.”
Vivendi has been trying to sell GVT for some time in order to reduce its own debt burden.