Venezuelan company still held minority stake
WarnerMedia, the entertainment media conglomerate, finalized the acquisition of the minority stake that Ole Communications, a Venezuelan communications company, had over HBO Ole Partners and HBO Brasil Partners. Warner now owns 100% of all HBO, Cinemax and HBO GO services in Latin America, the Spanish-speaking Caribbean and Brazil.
Warner had already announced in October 2019 the full purchase of HBO in Latin America. In the case of Brazil, the acquisition would only take place after regulatory changes were made, as the company needed an endorsement to have cross-ownership between media companies and telecommunications operators, as Warner is a subsidiary of AT&T, a tele that runs Sky Brasil.
Gerard Zeiler, Director of Revenue (CRO) at WarnerMedia and president of WarnerMedia International Networks, is responsible for HBO’s services in Latin America. He said the purchase “will allow us to fully reach the potential of a combined WarnerMedia in Latin America, creating more value for fans, business partners and content creators.”
In addition, with the acquisition signed, Warner intends to launch the streaming service HBO Max throughout the region, including Brazil.
Ole has been an HBO partner on pay TV in Latin America since 1991. Above the new purchase that separates Waner and Ole from HBO services, both remain together in the distribution of basic channels in the region. Ole also continues to operate A&E, AXN, History, History2, IVC, Lifetime, E! Entertainment, Studio Universal, Sony Channel, SyFy, Telemundo Internacional, Universal TV and WB.