TV Azteca Drops Pappas Telecasting As Joint Venture Partner.
September 29, 2001
TV Azteca announced that they have restructured their previous agreement with Pappas Telecasting. Pappas Telecasting owned 80 percent of Azteca America Inc. and contributed 10 television stations. TV Azteca held 20 percent and contributed its Spanish-language programming.
The new agreement calls for TV Azteca to own 100% of Azteca America and Pappas Telecasting would have an affiliate relationship with Azteca America.
Insiders speculate, that Pappas Telecasting could not deliver the appropriate markets and strategic partnership TV Azteca required for Azteca America.
