Portuguese telecommunications company Portugal Telecom (PT) has acquired the 58% it did not already own of local media and film giant Lusomundo in a transaction valued at Euros267m.
The deal marks the full-blown entrance into the Portuguese feature film sector of a new heavyweight player. PT, which acquired 42% of Lusomundo in April (ScreenDaily, April 5), benefits from the new source of content for its growing media, interactive and internet interests.
Lusomundo, which will be housed in PT's media filial, PT Multimedia, is Portugal's leading film distributor, thanks to output deals with Buena Vista and UIP. It is also one-third owner, alongside Warner Bros and Spain's Sogepaq, of Iberian exhibition chain Warner Lusomundo. Lusomundo boasts controlling interests in leading newspapers, magazines, radio and a publishing group in Portugal as well.
Launched in July 1999 with backing from Microsoft, PT Multimedia houses Portugal's leading pay-TV platform TV Cabo, production outfit PT Conteudos, internet-via-TV provider Netby TV, and internet servers Telepac, Zip.net (Brazil) and Sapo.com (Portugal).