Liberty Global completes Choice Cable TV buy-out
DetailsJuan Fernandez Gonzalez | 06 June 2015
Liberty Cablevision of Puerto Rico has announced that an entity owned by its indirect majority shareholder, Liberty Global, and its indirect minority shareholders managed by Searchlight Capital Partners have concluded acquisition of the parent of Puerto Rico's Choice Cable TV.
With this transaction, Liberty Puerto Rico will start integrating Choice into its existing operations. The Choice and Liberty Puerto Rico brands will co-exist in the market for several months as Choice's brand, products and services are integrated into Liberty Puerto Rico's platform. Meanwhile Choice customers will begin to have access to Liberty Puerto Rico's video, Internet and phone services, which will be implemented and offered in several phases, at no extra cost.
“This is a union of equals that will give both Liberty Puerto Rico and Choice customers the best of what both companies have to offer,” said Naji Khoury, president and CEO of Liberty Puerto Rico. “Choice has always been a very efficient operation and I am certain that this union will be very beneficial not just for both companies but for Puerto Rico as well. This transaction also shows our investors’ commitment to grow on the island and to contribute to our economy”.
Immediately after the announcement, Liberty Puerto Rico was said to be adding 18 new channels in Choice's video line-up, including AMC, AXS TV, sports channel beIN in both English and Spanish, Cablevisión, Disney Jr, Fox Sports 1, FX, Lifetime Real Women and PBS Kids. The combined operations will have a workforce of approximately 1,000 employees and generate over $390 million of annual revenue. They will offer services in 75 municipalities - passing by one million homes around the island - and serve over 750,000 revenue generating units (RGUs).