(MENAFN - GlobeNewsWire - Nasdaq) itemprop="articleBody">— As part of the transaction, the company will receive a 33% stake
in a subsidiary of Grupo Orlegi——TV Azteca promoted the strength and competitiveness of the Atlas soccer team,
and believes it will have even greater successes under
the administration of Grupo OrlegiMEXICO CITY, May20, 2019(GLOBE NEWSWIRE) -- TV Azteca, S.A.B. de C.V. (BMV: AZTECACPO; Latibex: XTZA), one of the two largest producers of Spanish-language television programming in the world, announced today that it has reached an agreement under which Grupo Orlegi will own the Atlas soccer team. As part of the operation, TV Azteca will obtain a 33% stake in the capital stock of a subsidiary of Grupo Orlegi.
The transaction complies with the applicable regulations of the Mexican Soccer Federation and it was validated by the Liga MX Assembly. The agreement is subject to the parties concluding their own corporate authorization processes, with the traditional legal documentation required for this type of operations.
Grupo Orlegi, which is chaired by Alejandro Irarragorri, has important sports assets that will generate superior synergies with the Atlas soccer team, and they will be a notable complement to its activities. Under the agreement, the management and operation of the team, as well as the definition of the commercial and sports strategy, will be assumed by Grupo Orlegi.
In just over five years, TV Azteca promoted the team's competitiveness and delivered it to Grupo Orlegi with a roster of talented players and the support of an enthusiastic and growing fan base, as well as with a solid financial position.
TV Azteca believes that the administration of Grupo Orlegi —with proven experience in the successful management of top-level sports clubs— will drive the team towards greater successes and further strengthen its position in the Mexican soccer league.
About TV Azteca
TV Azteca is one of the two largest producers of Spanish-language television programming in the world, operating four television networks in Mexico: Azteca uno, Azteca 7, adn40 and a+ through more than 300 owned and operated stations across the country. The company also operates TV Azteca Digital, the operator of several Mexico's most visited websites and social media platforms.
TV Azteca is a Grupo Salinas company ( www.gruposalinas.com ), a group of dynamic, fast growing, and technologically advanced companies focused on creating: economic value through market innovation and goods and services that improve standards of living; social value to improve community wellbeing; and environmental value by reducing the negative impact of its business activities. Created by Mexican entrepreneur Ricardo B. Salinas ( www.ricardosalinas.com ), Grupo Salinas operates as a management development and decision forum for the top leaders of member companies. These companies include TV Azteca ( www.TVazteca.com ;www.irtvazteca.com ), Grupo Elektra ( www.grupoelektra.com.mx ), Banco Azteca ( www.bancoazteca.com.mx ), Advance America ( www.advanceamerica.net ), Afore Azteca ( www.aforeazteca.com.mx ), Seguros Azteca ( www.segurosazteca.com.mx ), Punto Casa de Bolsa ( www.puntocasadebolsa.mx ), Totalplay ( www.totalplay.com.mx ) and Totalplay Empresarial (totalplayempresarial.com.mx). TV Azteca and Grupo Elektra trade shares on the Mexican Stock Market and in Spains' Latibex market. Each of the Grupo Salinas companies operates independently, with its own management, board of directors and shareholders. Grupo Salinas has no equity holdings. The group of companies shares a common vision, values and strategies for achieving rapid growth, superior results and world-class performance.
Except for historical information, the matters discussed in this press release are concepts about the future that involve risks and uncertainty that may cause actual results to differ materially from those projected. Other risks that may affect TV Azteca and its subsidiaries are presented in documents sent to the securities authorities.
Tel. +52 (55) 2601-5400, ext. 11502
TV Azteca, S.A.B. de C.V.
Tel. +52 (55) 2601-5400, ext. 11508
Tel. +52 (55) 1720 1313 ext. 36553