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Televisa's deleveraging efforts to be helped by sale of Ocesa stake, S&P says

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MEXICO CITY, Sept 14 (Reuters) - Grupo Televisa's newly revived divestment of a 40% stake in Ocesa Entertainment will support the company's deleveraging efforts, S&P Global Ratings said on Tuesday.

The sale of Televisa's stake in Ocesa to U.S. firm Live Nation Entertainment Inc was suspended in May 2020 after the U.S. buyer pulled out of the acquisition at the start of the pandemic, triggering a dispute between the firms.

On Monday, Televisa said the sale of its Ocesa stake to Live Nation Entertainment will go ahead after all. https://www.reuters.com/article/ocesa-livenation/refile-update-1-live-nation-resumes-stalled-acquisition-of-mexican-entertainment-firm-ocesa-idUSL1N2QF0XD

Televisa expects to receive 5.2 billion Mexican pesos (about $261 million) for the shares in Ocesa, which is also partly owned by the Inter-American Entertainment Corporation (CIE).

Televisa will use the money from the Ocesa sale to reduce outstanding debt, which stood at 131.1 billion Mexican pesos at the end of June, S&P said in a statement.

"We expect Televisa's leverage indicators to remain in line with its current rating level, so the debt-to-EBITDA ratio would remain between 2.0x and 3.0x," S&P said.

($1 = 19.9029 Mexican pesos) (Reporting by Diego Ore in Mexico City Writing by Drazen Jorgic Editing by Matthew Lewis)