MIAMI, Aug. 22 /PRNewswire/ -- CaribeVision Television Networks announced today the signing of a financing agreement with Banco Santander Puerto Rico that consists of $13 million for the business growth of CaribeVision Television Networks and its future incorporation into 70% of the U.S. market.
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The agreement was signed at the Banco Santander headquarters in San Juan, Puerto Rico, by Jose R. Gonzalez, President and CEO of Santander Puerto Rico, and Angel Santamaria, CFO of CaribeVision. "The involvement of Santander Puerto Rico in this major transaction exhibits the broad and profitable relationship we have with the Bank, and its commitment towards our shareholders Telecinco, Grupo Pegaso, Quantek and Barba TV," said Angel Santamaria, CFO of CaribeVision. "For CaribeVision it is a pleasure to enter into this undertaking with an institution of Santander's caliber and reputation. This is a Spanish-language project that involves clients, suppliers and shareholders of great importance to the Latin business environment," added Santamaria.
Santander Puerto Rico is part of Santander Group, one of the world's leading banks by market capitalization, number one in the euro zone and the biggest financial franchise in Latin America, with presence in 40 countries worldwide. Currently, Santander Puerto Rico offers a vast and innovative array of financial services designed to satisfy the financial needs of individuals and businesses in Puerto Rico.
CaribeVision Television Networks, the Hispanic network that reaches 7 million households in the United States, continues to amplify its programming strategy in the U.S. market. It forges ahead with its expansion plan, which will soon set new records in the U.S. Hispanic market with agreements, such as this one, that will provide business growth, putting the company in a commanding position in the U.S. television market.
About CaribeVision Television Networks
CaribeVision Television Networks, which reaches more than 7 million households, is owned by Pegaso TV (property of the Burillo Azcarraga family, Telecinco and Quantek) and Barba Television. CaribeVision is the only TV channel operating 24 hours a day, 7 days a week to meet the need for entertainment, news, sports and information of Hispanic TV viewers and audiences generally interested in the culture and lifestyle of the Caribbean. This channel, with complete advertising support, distributed by the nation's main Multiple Systems Operators (MSO) such as Time Warner Cable and Comcast, currently provides service to markets in New York (WPXO-TV), Miami (WFUN-TV) and Puerto Rico. CaribeVision is available in Puerto Rico on channels WJPX Channel 24 (San Juan), WIRS Channel 42 (Jayuya), WKPV Channel 20 (Ponce), WJWN-TV Channel 38 (Aguada), Choice Cable - Channel 21, Liberty Cable - Channel 24, and One Link - Channel 24. The four full-power channels provide 100 percent of the coverage on the island. In addition to broadcasting serials, special premieres and original production programming that directly reflect the beauty, rhythm and passion of the tropics, CaribeVision also presents some of the most popular programs and news shows from Spain, and news segments from Italy (as a result of its alliance with Telecinco). For more information about CaribeVision, visit: http://www.caribevision.com/.
About Santander Puerto Rico
Santander Puerto Rico ("Santander BanCorp") is a publicly held financial holding company that is traded on the New York Stock Exchange (SBP) and on Latibex (Madrid Stock Exchange) (XSBP). 91% of the outstanding common stock of Santander BanCorp is owned by Banco Santander, S.A. (Santander). The Corporation has five wholly owned subsidiaries, Banco Santander Puerto Rico, Santander Securities Corporation, Santander Financial Services, Inc., Santander Insurance Agency, Inc. and Island Insurance Corporation. Banco Santander Puerto Rico has been operating in Puerto Rico for thirty-two years. It offers a full array of services through 57 branches in the areas of commercial, mortgage and consumer banking, supported by a team of over 1,100 employees. Santander Securities offers securities brokerage services and provides portfolio management services through its wholly owned subsidiary Santander Asset Management Corporation. Santander Financial Services, Inc. offers consumer finance products through its network of 68 branches throughout the Island. Santander Insurance Agency offers life, health and disability coverage as a corporate agent and also operates as a general agent. For more information, visit the Company's website at http://www.santandernet.com/.
Santander Group (SAN.MC, STD.N) ("Santander") is the largest bank in the euro zone by market capitalization and fifth in the world by profit. Founded in 1857, Santander has EUR 912,915 million in assets and EUR 1,063,892 million in managed funds, 65 million customers, 11,178 branches and a presence in 40 countries. It is the largest financial group in Spain and Latin America, and is the sixth largest bank in the United Kingdom, through its Abbey subsidiary, and is the third largest banking group in Portugal. Through Santander Consumer Finance, it also operates a leading in 12 European countries (Germany, Italy and Spain, among others) and the United States. In 2007, Santander registered EUR 9,060 million in net attributable profits, an increase of 19% from the previous year.
In Latin America, Santander manages over US$300 billion in business volumes (loans, deposits, mutual funds and managed funds) through 4,498 offices. In 2007, Santander reported $3,648 million in net attributable income in Latin America, 27% higher than the prior year.
For more information, visit the official website of CaribeVision:
http://www.caribevision.com/
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