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(AFX UK Focus) 2003-05-23 08:13
Portugal Telecom eyeing Independent News' 24 pct in Lusomundo Media - report
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LISBON (AFX) - Portugal Telecom SGPS SA wants to buy the 24.03 pct stake in Lusomundo Media held by Independent News & Media PLC, Diario Economico reported, citing sources close to the matter.

PT, which owns the rest of Lusomundo Media through its 56.48 pct held PT Multimedia unit, has an option to buy the stake should Independent News wish to sell, the report said.

PT chairman Miguel Horta e Costa was last week elected to the Lusomundo Media board and has said PT is looking for fresh media partnerships.

Diario Economico said its sources believe both sides are interested in a deal but that neither wants to initiate discussions.

The same sources said PT's wish to make new partnerships could speed up the process, because once it owned 100 pct of Lusomundo Media, PT would have greater freedom in negotiating with new partners.

Lusomundo Media is majority shareholder in two national dailies, Diario de Noticias and Jornal de Noticias, in popular newspaper 24Horas and in 24-hour radio channel TSF.

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Mergers and acquisitions
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