UPDATE 3-Mexico’s Televisa to buy rest of Cablemas

* Consolidates lead in cable TV market

* Gets loans from Mexican banks to fund merger

* Will fully operate Cablemas once deal closes.
(Adds details on purpose of loans, cable details, updates

MEXICO CITY, April 1 (Reuters) – Mexico’s top broadcaster
Televisa plans to buy the remaining stake in its affiliate
Cablemas it did not own in the company for 4.7 billion pesos
($397 million).

By increasing its Cablemas holdings by 41.7 percent,
Televisa said on Friday it would fully own Mexico’s
second-biggest cable television provider, widening its lead in
this market.

The broadcaster, the biggest producer of Spanish-language
content in the world, plans to issue up to 25 million shares as
part of the Cablemas merger, which will also give Televisa
(TLVACPO.MX: Quote, Profile, Research)(TV.N: Quote, Profile, Research) full operating control of the company.

Televisa also entered a series of loan agreements with an
undisclosed number of Mexican banks, worth 8.6 billion pesos
carrying maturities of between five and 10 years, to fund the
merger and for general corporate purposes.

“With this transaction … Cablemas and its shareholders
will complete its capital and debt restructuring,” a statement
from the company said.

Cablemas offers cable, broadband Internet and phone
services in several of the 50 towns and cities in central and
southern Mexico that it covers.

As of the end of 2010, Cablemas had close to 1.6 million
clients in Mexico. Televisa’s other two cable holdings,
Cablevision (CABLECPO.MX: Quote, Profile, Research) and TVI, ended last year with 1.2
million and 555,000 users, respectively.

Televisa shares were up 2.21 percent in the Mexican stock
exchange. Its New York-traded stock were up 2.6 percent at
($1=11.84 pesos)
(Reporting by Mica Rosenberg and Cyntia Barrera Diaz, editing
by Gerald E. McCormick and Derek Caney)

UPDATE 3-Mexico’s Televisa to buy rest of Cablemas