Temer authorizes Globo to transfer concessions.

247 - Journalist report Daniel Castro This Wednesday, the 6th, shows that the decree signed on June 24th by interim president Michel Temer, which authorizes the indirect transfer of the concession of Globo Comunicação e Participações services in five cities (Rio de Janeiro, São Paulo, Brasília, Belo Horizonte and Recife), is having repercussions behind the scenes at TV stations.

Officially, Globo says the decree aims at a "corporate reorganization." Roberto Irineu Marinho, João Roberto Marinho, and José Roberto Marinho, sons of Roberto Marinho (1904-2002), will transfer the majority of their shares to their children. "The signatories [Roberto Marinho's children] will transfer to their direct heirs the bare ownership of the majority of shares issued by Organizações Globo Participações SA, maintaining their voting rights in the company, with no other third party not belonging to the Marinho family entering the corporate structure of said companies."

"The statement, however, was not entirely convincing to sectors of the market. For market analysts, transferring the shares would not facilitate business succession. On the contrary, it would dilute ownership and make the group's day-to-day operations more complicated. What, then, could be behind this decision? The search for new partners is the most common answer, although Globo vehemently denies it. It is speculated that Globo might be closing some kind of deal with an international group: the foreigners would own part of the Brazilian network, which in turn would be a partner of a large global conglomerate," says journalist Daniel Castro. 

According to the decree, Globo has 60 days to transfer the shares and submit documents to the Ministry of Communications.