Telecommunications company Portugal Telecom has agreed a deal to acquire a 25-per-cent stake in Portuguese pay-television broadcaster Sport TV.
Portugal Telecom will join the Zon Multimedia and Sportinveste media companies, which jointly own Sport TV, as a new partner in the broadcaster.
Portugal Telecom will have the same stake as Zon, with Sportinveste controlling 50 per cent of Sport TV.
According to the Correio da Manhã newspaper, the transaction is worth €67 million ($86.4 million).
The deal is subject to the approval of Portugal’s competition authority, the Autoridade da Concorrência.
Portugal Telecom owned a stake in Sport TV through its PT Multimédia arm until 2007, when the division was spun off by the parent company and became Zon Multimedia.
Sport TV operates sports channels in Portugal and Portuguese-speaking African markets.