Brazil to auction off ATC frequency
President's announcement latest in series of downsizing moves
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Menem's announcement marks the latest in a series of long-term moves designed to scale down ATC, a process that his been hindered by political and union opposition; and a long-standing frequency dispute with neighboring Uruguay.
ATC now has debts of $63 million. Much of that will be absorbed by the state, but some will likely be rolled into the frequency's purchase price.
The plan calls for ATC to operate as a low-power station on channel 4.
Potential bidders are said to include Venezuela's Cisneros Group, which recently unveiled a $500 million media investment fund with venture capital firm Hicks, Muse. Local parties said to be interested are Citicorp-managed investor group CEI, former ATC director Gerardo Sofovich and top TV celeb Marcelo Tinelli.
According to ratings agency Ibope, for the last week of January ATC averaged a 1.3 rating, while Telefe (channel 11) led with 11.1, Artear (channel 13) earned 8.0, Libertad (channel 9) had 4.8 and America (channel 2) took 4.7.
