Image by Vrio

AT&T is leaving the satellite pay-TV business in Latin America. The company announced yesterday that Grupo Werthein, a private Argentinean company, is acquiring a 100% stake in Vrio, a company with 10.3 million subscribers across 11 countries in Latin America and the Caribbean.

Vrio provides live and on-demand video services via DIRECTV Latin America, SKY Brasil and DIRECTV GO. Vrio offers services in Brazil through the SKY brand and in Argentina, Barbados, Chile, Colombia, Curacao, Ecuador, Peru, Trinidad and Tobago and Uruguay through the DIRECTV brand. Vrio’s infrastructure includes satellites and broadcast centers that carry 4K video formats. Vrio’s broadband operations, along with other investments, including Torneos y Competencias in Argentina and WIN Sports in Colombia, will transfer to Grupo Werthein at close.

“Our vision of the future is to maximize these leading entertainment brands in Latin America, maintaining their leadership and increasing their value proposition by investing in technology and content aligned with the viewing habits of each one of the subscribers, including the next generation of consumers,” Dario Werthein, shareholder, Grupo Werthein, said in a statement.

For AT&T, it represents an end of an era. The company will now focus on investing in connectivity for its customer base, and will look to grow its wireless business in Mexico and services for multinational corporations operating in the region.