Viacom Sells Stake in MTV Brazil

Company says it wants to give the channel a chance to "realize its full potential"

Viacom has sold its stake in MTV Brazil, ending its joint venture with Group Abril and saying it wanted to give the channel a chance to "realize its full potential."

Instead of holding a minority stake (30%) in the channel, which is majorit-owned by Group Abril, Viacom has sold that stake to the Latin American communications company, which will continue to carry the MTV name under a licensing agreement.

In fact the licensing agreement will allow Group Abril to expand the brand with exclusive use of the MTV name in Brazil on TV, online, on radio, on mobile devices and via sub-licensing.

In announcing the move, Viacom Network Brazil General Manager Alvaro Paes de Barros said the company would focus on its Nickelodeon and VH1 brands and work on some new introductions.