Terra Networks, the Internet subsidiary of Spanish telecommunications and media giant Telefonica, has acquired one of Venezuela''s top web portals, Chevere (www.chevere.com).
Terra aims to become the leading Internet provider for the Spanish and Portuguese-speaking markets and maintains web interests in seven countries in Latin America and the US.
Terra''s move adds to umbrella organisation Telefonica''s growing telephony and media interests in the Latin American market. In January, Telefonica entered the production industry there with the purchase of a 30% stake in Argentinean outfit Patagonik Film Group, co-owned by Buena Vista International/Disney and Artear/The Clarin Group.
Terra posted year-end revenues in 1999 of euro78.5m, a 50% rise over the previous year. Of its 1,317,000 subscribers at year-end, about half (659,000) were located in Spain, another 44,000 were in the US, and the rest were in Latin America.
Abel Linares replaced Juan Perea as CEO of Terra in February.