TV Azteca, Mexico’s No. 2 broadcaster, said its Azteca America Inc. unit ended its agreement to purchase a television station in Bridgeport, Conn., from Shop At Home Inc. for $37.5 million in cash.
Los Angeles-based Azteca America found “material reasons” during due diligence to end the agreement to buy WSAH-TV Channel 43, Azteca said. The companies couldn’t be reached for comment.
Azteca America is 20% owned by Mexico City-based TV Azteca and 80% owned by closely held Pappas Telecasting Cos. Azteca America will begin network operations during the second quarter of 2001 with TV Azteca’s Spanish-language programs and a network of television stations contributed by Pappas.
TV Azteca’s American depositary shares rose 44 cents to $12.38 on the New York Stock Exchange.
Shop At Home is the third-largest U.S. home-shopping retailer. The shares of the Nashville, Tenn.-based company fell 25 cents to $1.25 on Nasdaq.