Spanish TV group Mediaset Spain has sold its 43.71 per cent stake in Pegaso TV, main owner of the Latin TV channel CaribeVision.
The move sees Mediaset put an end to a failed venture into the US market. The company broke into the US 10 years ago with the acquisition of a 28.3 per cent stake in Pegaso TV for €20 million that was increased to 43.71 per cent at a later phase.
With its Pegaso investment, Mediaset intended to conquer the Spanish-speaking community of Miami, New York and Puerto Rico through CaribeVision which currently reaches 7 million homes.
Mediaset has obtained €3.6 million for the operation that in will invest in a 30 per cent stake in Bulldog Spain – a Spanish TV content producer,