George Soros set to enter Brazilian telecom fray
June 2 , 2012
Billionaire investor George Soros has received regulatory approval to enter the Brazilian telecom market, allowing him to invest in a local pay-TV company ahead of a landmark auction of broadcast frequencies.
Brazil regulator Anatel approved plans for Soros Fund Management, based in the Cayman Islands, to take control of Sunrise Telecomunicaçoes, which offers subscription television in Sao Paulo state.
Earlier this week, Brazilian newspaper Valor Economico reported that Soros was interested in investing $500 million in the company in order to participate in this month’s broadcast spectrum auction.
Anatel will auction licenses for broadcast frequencies related to next-generation mobile phone services and wireless broadband across rural areas.