Portugal Telecom closes in on Sport TV stake

Telecommunications company Portugal Telecom is close to a deal for a stake in Portuguese pay-television broadcaster Sport TV, according to the Diario Economico.

The newspaper reports that the deal is worth €70 million ($90.3 million) and could be completed in the coming days. It is subject to the approval of Portugal’s competition authority, the Autoridade da Concorrência.

Portugal Telecom would join Zon Multimedia and Sportinveste, which currently jointly own Sport TV, as a new partner in the broadcaster.

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.