teleguy
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Mar 6, 2005, 9:32 AM
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Cisneros Group Invests in Movida Communications, New Hispanic Wireless Service Provider
MIAMI, Feb 28, 2005 (BUSINESS WIRE) -- The Cisneros Group of Companies has acquired a controlling interest in Movida Communications, Inc., which has teamed with Sprint (FON) and Wal-Mart (WMT) to provide nationwide wireless voice and data services to the U.S. Hispanic Market. Movida is the United States's first Mobile Virtual Network Operator to offer pay-as-you-go wireless communications services specifically targeting the more than 40 million Hispanics living in the United States.
Movida will provide wireless voice and data communications using the Sprint nationwide wireless network, with rate plans that cater to the needs of the domestic Hispanic market. Following its initial launch, Movida intends to offer added-value features and services that are both culturally and geographically relevant to Hispanic consumers, many of which will be provided through its relationship with its primary investor Cisneros Group of Companies. Gustavo Cisneros, Chairman of The Cisneros Group, commented: "We'll bring expertise in the pre-paid mobile services market through our successful participation in Telcel Venezuela, Venezuela's largest wireless provider and an industry pioneer in prepaid distribution."
Gustavo Cisneros added: "This is an exciting opportunity for The Cisneros Group since the rapidly growing U.S. Hispanic market has not been tapped by the major telecommunications providers. Our investment in Movida leverages our expertise in servicing this important market."
The Cisneros Group of Companies is one of the largest privately held media, entertainment, technology, and consumer products organizations in the world. The Group owns or holds interests in companies ranging from broadcast television networks, pay television services, and Internet service providers, to beverage businesses and supermarkets.
SOURCE: The Cisneros Group of Companies
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