TVA to Sell Galaxy Stakes

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Fort Lauderdale, Fla. -- Galaxy Brasil Ltda. is set
to become the first direct-to-home satellite-TV platform in Brazil to be 100 percent
foreign-owned.

Brazilian pay TV company TVA last week agreed to sell its
100 percent stake in the local DTH platform to Galaxy Latin America, the entity that owns
and operates the DirecTV service across the region.

TVA will also sell its 10 percent stake in GLA's
regional business to the company's two remaining investors, Hughes Electronics Corp.
and Venezuela's Cisneros Group of Cos.

TVA, like much of Latin America's pay TV industry, is
under financial pressure amid a general economic malaise.

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