This year, the National Association of Latino Arts and Cultures (Nalac) is awarding $328,000 in grants to 50 artists and organizations through three different grant programs: Nalac Fund for the Arts (Nfa), Transnational Cultural Remittances Program (Tcr) and Diverse Art Spaces (Das). This marks the largest single distribution of program awards in the organization's 26-year history.
"Nalac is committed to supporting artists and organizations in all creative disciplines throughout our country and internationally," says María López De León, Nalac Executive Director, "Each awardee represents a tremendous impact on our communities, placing Latina/o artistic and cultural expression on a path towards a more just, more equitable, and more unifying world today."
After a competitive and rigorous process, Nalac awards grants in the Us, Mexico and Central America: 20 Us based Latino artists and ensembles and 11 Latino arts organizations in multiple disciplines, as well as 12 cultural exchanges in 24 communities between the U.S., Mexico, Guatemala and Panama. Seven organizations received Diverse Art Spaces awards to present or commission work by Latino artists.
Nalac Grants are designed to spur the arts field and the economy by providing financial support to Latino arts and cultural organizations and exemplary work by Latino artists. In the past ten years, Nalac has distributed more than $2 Million to the Latino arts field via 420 grants.
Nalac Fund for the Arts (Nfa), established as a two-year pilot with support from Ford Foundation, continues to be the only national fund that provides a variety of grants to support U.S. based Latino artists and arts organizations in the development, creation, presentation and sustainability of artistic excellence, as well as the opportunity to participate in activities that contribute to professional and organizational growth. The 2015 Nfa cycle was funded by the Ford Foundation, The Surdna Foundation, Southwest Airlines, and the City of San Antonio Department for Culture and Creative Development.
Transnational Cultural Remittances (Tcr) funding, launched in 2008, supports exemplary cultural exchanges that promote grassroots artistic collaboration and strengthen social networks between the United States, Mexico, Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Panama. Since its inception, Tcr has provided $456,761 dollars to 59 grantees, reaching over 100 communities. The 2015 Tcr cycle was funded by the Ford Foundation and Southwest Airlines.
Diverse Art Spaces is a funding initiative open to Ford Foundation Diverse Arts Spaces organizations and to Linc Space for Change Planning and Pre-Development grantees for the presentation or commissioning of work by Latino artists and ensembles in dance, music, performance, theater or visual arts. The 2015 Das cycle was funded by the Ford Foundation.
2015 Nalac Grantees The awardees of the Nalac Fund for the Arts Master Artist Grant are: Judith Baca , Visual Arts | Venice, CA Mentee: Carlos Rogel Jesús Manuel Cepeda Brenes , Music | San Juan, PR Mentee: Denise Solis John Jota Leaños , Media Arts | San Francisco, CA Mentee: Crystal Gonzalez
The awardees of the Nalac Fund for the Arts Artist/Ensemble Grant are:
Tanya Aguiñiga , Crafts | Los Angeles, CA Cecilia Aldarondo , Media Arts | Brooklyn, NY Suzan Beraza , Media Arts | Telluride, Co Alberto Borea , Visual Arts | Brooklyn, NY Jorge Ignacio Cortiñas , Theatre | New York, NY Paul S. Flores , Theatre | San Francisco, CA Alixa Garcia , Visual Arts | Brooklyn, NY Xandra Ibarra , Multidisciplinary | Oakland, CA Cristina Molina , Visual Arts | New Orleans, La Felipe Salles Group , Music | Florence, Ma Rada Film Group (Michèle Stephenson), Media Arts | Brooklyn, NY Alexey Taran / Bistoury Inc. , Dance | Miami, Fl
The awardees of the Nalac Fund for the Arts San Antonio Artist Grant are:
Federico Chávez-Blanco , Music | San Antonio, TX Anna De Luna , Theatre | San Antonio, TX Jenelle Esparza , Visual Arts | San Antonio, TX Anel I. Flores , Literature | San Antonio, TX Adriana Maria Garcia , Visual Arts | San Antonio, TX
The awardees of the Nalac Fund for the Arts Organization Grant are:
Antiheroes Project, Inc. , Theatre | Miami, Fl Arca Images, Inc. , Theatre | Miami, Fl Centro Cultural de Mexico , Multidisciplinary | Santa Ana, CA Cinema Tropical , Media Arts | New York, NY Conjunto Heritage Taller , Arts Education | San Antonio, TX Creative Kids , Arts Education | El Paso, TX Gala Hispanic Theatre , Arts Education | Washington, DC Intake Organization, Inc. , Arts Education | Stamford, Ct Pregones Theater + Puerto Rican Traveling Theater , Theatre | Bronx, NY San Anto Cultural Arts , Arts Education | San Antonio, TX Self Help Graphics & Art , Visual Arts | Los Angeles, CA
The awardees of the Nalac Transnational Cultural Remittances Grant are:
El Ballet Folklorico Estudiantil , Folk/Traditional Arts | Flint, Mi Partner: Ixtac Chichimeca Pam, San Juan del Río, Querétaro, Mx ElevArte Community Studio , Visual Arts | Chicago, Il Partner: Martanoemi Noriega | Ciudad de Panamá, Panamá Habitajes Centro de Estudios y Acciones Sobre el Espacio Público | Mexico Df Partner: Michelle Angela Ortiz | Philadelphia, Pa International Sonoran Desert Alliance , Multidisciplinary | Ajo, Az Partner: Medio Ambiente y Comunidad Cedo, AC - Intercultural Center for the Study of Deserts and Oceans | Puerto Peñasco, Sonora, Mx Justice for My Sister Collective (Program of Community Partners), Media Arts | Pasadena, CA Partner: Colectivo Justicia para mi Hermana (EducArte) | Guatemala La Pocha Nostra , Multidisciplinary | San Francisco, CA Partner: La Rendija | Mérida, Yucatán, Mx Latino Theater Company , Theatre | Los Angeles, CA Partner: Rosino Serrano | México, Df Nameless Sound , Music | Houston, TX Partner: Centro de Experimentación y Producción de Música Contemporánea (Cepromusic) | México, Df Self Help Graphics & Art , Folk/Traditional Arts | Los Angeles, CA Partner: Mexicali Rose Media/Arts Center | Mexicali, Baja California, Mx Southwest Folklife Alliance , Folk/Traditional Arts | Tucson, Az Partner: Vicam Yaqui Pueblo | Rio Yaqui, Sonora, Mx The Bisbee Radio Project, Inc. (Kbrp) , Media Arts | Bisbee, Az Partner: Radio Cultural Naco Sonora | Naco, Sonora, Mx Workers Interfaith Network , Visual Arts | Memphis, Tn Partner: Antonio Leal Bejarano | Ciudad de Chihuahua, Chihuahua, Mx The awardees of the Nalac Diverse Arts Spaces Grant are: Arab American National Museum , Music | Dearborn, Mi Partner: Dafnis Prieto Si o Si Quartet Ballet Hispanico , Dance | New York, NY Partner: Stephanie Martinez Columbia Film Society (d.b.a. The Nickelodeon), Visual Arts | Columbia, Sc Partner: Favianna Rodriguez Hi-arts , Music and Visual Arts | New York, NY Partner: Izzy Sanabria MacLa/Movimiento de Arte y Cultura Latino Americana , Theatre | San Jose, CA Partner: Ricardo Salinas Miami Light Project, Inc. , Multidisciplinary | Miami, Fl Partner: Carla Forte, Natalia Lassalle Morillo, Charo Oquet and Sandra Portal-Andreu Pregones Theater + Puerto Rican Traveling Theater , Music and Theatre | Bronx, NY Partner: Producciones En Equipo...
"Nalac is committed to supporting artists and organizations in all creative disciplines throughout our country and internationally," says María López De León, Nalac Executive Director, "Each awardee represents a tremendous impact on our communities, placing Latina/o artistic and cultural expression on a path towards a more just, more equitable, and more unifying world today."
After a competitive and rigorous process, Nalac awards grants in the Us, Mexico and Central America: 20 Us based Latino artists and ensembles and 11 Latino arts organizations in multiple disciplines, as well as 12 cultural exchanges in 24 communities between the U.S., Mexico, Guatemala and Panama. Seven organizations received Diverse Art Spaces awards to present or commission work by Latino artists.
Nalac Grants are designed to spur the arts field and the economy by providing financial support to Latino arts and cultural organizations and exemplary work by Latino artists. In the past ten years, Nalac has distributed more than $2 Million to the Latino arts field via 420 grants.
Nalac Fund for the Arts (Nfa), established as a two-year pilot with support from Ford Foundation, continues to be the only national fund that provides a variety of grants to support U.S. based Latino artists and arts organizations in the development, creation, presentation and sustainability of artistic excellence, as well as the opportunity to participate in activities that contribute to professional and organizational growth. The 2015 Nfa cycle was funded by the Ford Foundation, The Surdna Foundation, Southwest Airlines, and the City of San Antonio Department for Culture and Creative Development.
Transnational Cultural Remittances (Tcr) funding, launched in 2008, supports exemplary cultural exchanges that promote grassroots artistic collaboration and strengthen social networks between the United States, Mexico, Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Panama. Since its inception, Tcr has provided $456,761 dollars to 59 grantees, reaching over 100 communities. The 2015 Tcr cycle was funded by the Ford Foundation and Southwest Airlines.
Diverse Art Spaces is a funding initiative open to Ford Foundation Diverse Arts Spaces organizations and to Linc Space for Change Planning and Pre-Development grantees for the presentation or commissioning of work by Latino artists and ensembles in dance, music, performance, theater or visual arts. The 2015 Das cycle was funded by the Ford Foundation.
2015 Nalac Grantees The awardees of the Nalac Fund for the Arts Master Artist Grant are: Judith Baca , Visual Arts | Venice, CA Mentee: Carlos Rogel Jesús Manuel Cepeda Brenes , Music | San Juan, PR Mentee: Denise Solis John Jota Leaños , Media Arts | San Francisco, CA Mentee: Crystal Gonzalez
The awardees of the Nalac Fund for the Arts Artist/Ensemble Grant are:
Tanya Aguiñiga , Crafts | Los Angeles, CA Cecilia Aldarondo , Media Arts | Brooklyn, NY Suzan Beraza , Media Arts | Telluride, Co Alberto Borea , Visual Arts | Brooklyn, NY Jorge Ignacio Cortiñas , Theatre | New York, NY Paul S. Flores , Theatre | San Francisco, CA Alixa Garcia , Visual Arts | Brooklyn, NY Xandra Ibarra , Multidisciplinary | Oakland, CA Cristina Molina , Visual Arts | New Orleans, La Felipe Salles Group , Music | Florence, Ma Rada Film Group (Michèle Stephenson), Media Arts | Brooklyn, NY Alexey Taran / Bistoury Inc. , Dance | Miami, Fl
The awardees of the Nalac Fund for the Arts San Antonio Artist Grant are:
Federico Chávez-Blanco , Music | San Antonio, TX Anna De Luna , Theatre | San Antonio, TX Jenelle Esparza , Visual Arts | San Antonio, TX Anel I. Flores , Literature | San Antonio, TX Adriana Maria Garcia , Visual Arts | San Antonio, TX
The awardees of the Nalac Fund for the Arts Organization Grant are:
Antiheroes Project, Inc. , Theatre | Miami, Fl Arca Images, Inc. , Theatre | Miami, Fl Centro Cultural de Mexico , Multidisciplinary | Santa Ana, CA Cinema Tropical , Media Arts | New York, NY Conjunto Heritage Taller , Arts Education | San Antonio, TX Creative Kids , Arts Education | El Paso, TX Gala Hispanic Theatre , Arts Education | Washington, DC Intake Organization, Inc. , Arts Education | Stamford, Ct Pregones Theater + Puerto Rican Traveling Theater , Theatre | Bronx, NY San Anto Cultural Arts , Arts Education | San Antonio, TX Self Help Graphics & Art , Visual Arts | Los Angeles, CA
The awardees of the Nalac Transnational Cultural Remittances Grant are:
El Ballet Folklorico Estudiantil , Folk/Traditional Arts | Flint, Mi Partner: Ixtac Chichimeca Pam, San Juan del Río, Querétaro, Mx ElevArte Community Studio , Visual Arts | Chicago, Il Partner: Martanoemi Noriega | Ciudad de Panamá, Panamá Habitajes Centro de Estudios y Acciones Sobre el Espacio Público | Mexico Df Partner: Michelle Angela Ortiz | Philadelphia, Pa International Sonoran Desert Alliance , Multidisciplinary | Ajo, Az Partner: Medio Ambiente y Comunidad Cedo, AC - Intercultural Center for the Study of Deserts and Oceans | Puerto Peñasco, Sonora, Mx Justice for My Sister Collective (Program of Community Partners), Media Arts | Pasadena, CA Partner: Colectivo Justicia para mi Hermana (EducArte) | Guatemala La Pocha Nostra , Multidisciplinary | San Francisco, CA Partner: La Rendija | Mérida, Yucatán, Mx Latino Theater Company , Theatre | Los Angeles, CA Partner: Rosino Serrano | México, Df Nameless Sound , Music | Houston, TX Partner: Centro de Experimentación y Producción de Música Contemporánea (Cepromusic) | México, Df Self Help Graphics & Art , Folk/Traditional Arts | Los Angeles, CA Partner: Mexicali Rose Media/Arts Center | Mexicali, Baja California, Mx Southwest Folklife Alliance , Folk/Traditional Arts | Tucson, Az Partner: Vicam Yaqui Pueblo | Rio Yaqui, Sonora, Mx The Bisbee Radio Project, Inc. (Kbrp) , Media Arts | Bisbee, Az Partner: Radio Cultural Naco Sonora | Naco, Sonora, Mx Workers Interfaith Network , Visual Arts | Memphis, Tn Partner: Antonio Leal Bejarano | Ciudad de Chihuahua, Chihuahua, Mx The awardees of the Nalac Diverse Arts Spaces Grant are: Arab American National Museum , Music | Dearborn, Mi Partner: Dafnis Prieto Si o Si Quartet Ballet Hispanico , Dance | New York, NY Partner: Stephanie Martinez Columbia Film Society (d.b.a. The Nickelodeon), Visual Arts | Columbia, Sc Partner: Favianna Rodriguez Hi-arts , Music and Visual Arts | New York, NY Partner: Izzy Sanabria MacLa/Movimiento de Arte y Cultura Latino Americana , Theatre | San Jose, CA Partner: Ricardo Salinas Miami Light Project, Inc. , Multidisciplinary | Miami, Fl Partner: Carla Forte, Natalia Lassalle Morillo, Charo Oquet and Sandra Portal-Andreu Pregones Theater + Puerto Rican Traveling Theater , Music and Theatre | Bronx, NY Partner: Producciones En Equipo...
- 3/24/2016
- by Sydney Levine
- Sydney's Buzz
With the rise of Netflix and other streaming video services, Blockbuster Video has been in trouble for a long time. In the fall of 2013, news hit that the last of Blockbuster's chain stores would be closing up shop. But the obsolete rental house has found a new life and new home in Mexico. Bloomberg reports that this month may have seen the last U.S. branch of Blockbuster close, but that the brand is hotly sought after south of the border. Yet this is not the Blockbuster you remember. Former Blockbuster owner Dish Network Corp sold the company's 300 Mexican chain stores to Grupo Elektra Sab for $31 million. Owned by billionaire Ricardo Salinas, this retail/financial company has given the chain a high-class makeover. While Blockbuster's brand in the U.S. became sullied and deemed uncool after the rise of Netflix, there's no such stigma in Mexico, where DVD rentals are...
- 2/6/2014
- cinemablend.com
Mexico City -- Mexican network TV Azteca is investing $55 million on seven new state-of-the-art studios at its existing Azteca Novelas production facility.
Azteca chief executive Mario San Roman told reporters on the sidelines of a Monday inauguration event that production volume of dramatic content will increase by 40% when the additional studios become fully operational in 2011. Mexico's No. 2 broadcaster churns out about 1,300 hours of soaps annually, a large chunk of which is currently at Azteca Novela's five studios.
The increased production capacity will allow Azteca to bump up its telenovela programming grid to six hours daily.
The ambitious project features studio grounds covering 5,700 square meters, cutting-edge editing and sound rooms, a heliport and a solar-powered electrical system. The largest of the seven studios will be used to film live events, such as musical reality contests. San Roman said all telenovela productions will be shot in high-definition by the time the new soundstages are up and running.
Azteca chief executive Mario San Roman told reporters on the sidelines of a Monday inauguration event that production volume of dramatic content will increase by 40% when the additional studios become fully operational in 2011. Mexico's No. 2 broadcaster churns out about 1,300 hours of soaps annually, a large chunk of which is currently at Azteca Novela's five studios.
The increased production capacity will allow Azteca to bump up its telenovela programming grid to six hours daily.
The ambitious project features studio grounds covering 5,700 square meters, cutting-edge editing and sound rooms, a heliport and a solar-powered electrical system. The largest of the seven studios will be used to film live events, such as musical reality contests. San Roman said all telenovela productions will be shot in high-definition by the time the new soundstages are up and running.
- 11/23/2009
- by By John Hecht
- The Hollywood Reporter - Movie News
MEXICO CITY -- TV Azteca executives Ricardo Salinas and Pedro Padilla have reached an agreement with U.S. securities regulators to settle fraud charges, the Mexican broadcaster said Thursday. Network chairman Salinas will pay $7.5 million, and Padilla, CEO of Azteca holding company Grupo Salinas, will pay $1 million to settle the charges, according to a U.S. Securities and Exchange Commission statement. Azteca said the network will bear no costs resulting from the agreement.
- 9/15/2006
- The Hollywood Reporter - Movie News
MEXICO CITY -- TV Azteca executives Ricardo Salinas and Pedro Padilla have reached an agreement with U.S. securities regulators to settle fraud charges, the Mexican broadcaster said Thursday. Network chairman Salinas will pay $7.5 million, and Padilla, CEO of Azteca holding company Grupo Salinas, will pay $1 million to settle the charges, according to a U.S. Securities and Exchange Commission statement. Azteca said the network will bear no costs resulting from the agreement.
- 9/15/2006
- The Hollywood Reporter - Movie News
MEXICO CITY -- Mexican broadcaster TV Azteca has named Adrian Steckel president and CEO of its U.S. Spanish-language broadcasting network Azteca America. Steckel replaces Luis Echarte, who will remain Azteca America's chairman of the board. Prior to the appointment, Steckel was chief executive at Unefon, a mobile telephone unit owned by Azteca chairman and CEO Ricardo Salinas. Moises Saba will replace Steckel as head of Unefon.
- 11/3/2005
- The Hollywood Reporter - Movie News
MEXICO CITY -- Mexican broadcaster TV Azteca has named Adrian Steckel president and CEO of its U.S. Spanish-language broadcasting network Azteca America. Steckel replaces Luis Echarte, who will remain Azteca America's chairman of the board. Prior to the appointment, Steckel was chief executive at Unefon, a mobile telephone unit owned by Azteca chairman and CEO Ricardo Salinas. Moises Saba will replace Steckel as head of Unefon.
- 11/3/2005
- The Hollywood Reporter - Movie News
MEXICO CITY -- It's looking more and more likely that Mexican broadcaster TV Azteca will say adios to Wall Street. Mexico's No. 2 TV network operator, which is facing fraud charges in the U.S., said in statement Tuesday that shareholders have "unanimously approved" a series of amendments to the company's bylaws. Chairman Ricardo Salinas owns a 59.8% controlling stake in the company. It was not clear how many smaller shareholders were present at the meeting that voted on the bylaw modifications Monday.
- 5/31/2005
- The Hollywood Reporter - Movie News
MEXICO CITY -- Mexico's securities regulator has slapped broadcaster TV Azteca and two of its top executives with fines totaling $2.3 million for committing fraud in a complex debt-refinancing deal at its mobile telephone unit Unefon. Mexico's Banking and Securities Commission spokesman Miguel Angel Garza said Thursday that TV Azteca was notified about the fines on Wednesday. The authority is Mexico's equivalent of the U.S. Securities and Exchange Commission. Garza added that for the time being the commission was only applying economic sanctions. Azteca chairman Ricardo Salinas and several business partners were charged with refinancing Unefon's debt for personal profit at the expense of shareholders.
- 4/29/2005
- The Hollywood Reporter - Movie News
MEXICO CITY -- Mexico's securities regulator has slapped broadcaster TV Azteca and two of its top executives with fines totaling $2.3 million for committing fraud in a complex debt-refinancing deal at its mobile telephone unit Unefon. Mexico's Banking and Securities Commission spokesman Miguel Angel Garza said Thursday that TV Azteca was notified about the fines on Wednesday. The authority is Mexico's equivalent of the U.S. Securities and Exchange Commission. Garza added that for the time being the commission was only applying economic sanctions. Azteca chairman Ricardo Salinas and several business partners were charged with refinancing Unefon's debt for personal profit at the expense of shareholders.
- 4/29/2005
- The Hollywood Reporter - Movie News
MEXICO CITY -- Mexico's securities regulator has slapped broadcaster TV Azteca and two of its top executives with fines totaling $2.3 million for committing fraud in a complex debt-refinancing deal at its mobile telephone unit Unefon. The network made the announcement in a company statement released Thursday. As of press time, it was unclear if the National Banking and Securities Commission, Mexico's equivalent of the U.S.' Securities and Exchange Commission, was planning to take any further action. The regulatory body did not return phone calls. Azteca chairman Ricardo Salinas and several business partners were charged with refinancing Unefon's debt for personal profit at the expense of shareholders.
- 4/28/2005
- The Hollywood Reporter - Movie News
MEXICO CITY -- Mexico's securities regulator has slapped broadcaster TV Azteca and two of its top executives with fines totaling $2.3 million for committing fraud in a complex debt-refinancing deal at its mobile telephone unit Unefon. The network made the announcement in a company statement released Thursday. As of press time, it was unclear if the National Banking and Securities Commission, Mexico's equivalent of the U.S.' Securities and Exchange Commission, was planning to take any further action. The regulatory body did not return phone calls. Azteca chairman Ricardo Salinas and several business partners were charged with refinancing Unefon's debt for personal profit at the expense of shareholders.
- 4/28/2005
- The Hollywood Reporter - Movie News
MEXICO CITY -- Mexico's No. 2 network TV Azteca on Wednesday reported a 6% rise in first-quarter profit as strong net sales offset soaring production costs. The Mexico City-based broadcaster posted a net income of 202 million pesos ($18 million), up from 191million pesos a year earlier. Chief executive Mario San Roman said "favorable economic conditions in Mexico" boosted net sales at home, while U.S. Spanish-language broadcasting network Azteca America saw revenue climb 16%%. Upstart Azteca America ranks third behind market leaders Univision and Telemundo. Overall revenue for the first quarter came in at 1.67 billion pesos ($148 million), representing a 3.8% jump compared with the year-earlier period. Still, Azteca continues to report high increases in programming and production costs. The 10% rise comes from operations in both Mexico and the United States, where Azteca America is investing heavily in local productions for the fast-growing Latino market. Although not mentioned in the quarterly report, legal fees have also taken their toll on Azteca, as the network's top brass face fraud charges. The U.S. Securities and Exchange Commission (SEC) has accused chairman Ricardo Salinas and two other executives of covering up a debt refinancing deal which allowed them to earn a multimillion-dollar profit. Azteca must comply with U.S. securities laws because its shares trade on the New York Stock Exchange. Analysts have expressed concern that in addition to the growing legal costs, Azteca could get slapped with significant fines. Azteca added that it has appointed Pedro Zamora, a former Mexican securities regulator, to head an internal committee that will oversee corporate governance issues.
- 4/21/2005
- The Hollywood Reporter - Movie News
Television Azteca, the stock of which has been under pressure since the U.S. Securities and Exchange Commission launched an investigation into chairman Ricardo Salinas, said in a regulatory filing it would consider a host of options for lifting its share price, including a merger. The company, which runs the fast-growing Hispanic network Azteca America, said considerations include "privately negotiated transactions, tender offers, exchange offers, a merger, a reorganization or other business combination transaction."...
MEXICO CITY -- After weeks of dragging its feet, Mexico's securities watchdog on Wednesday said it believes that several executives at broadcaster TV Azteca committed fraud in a controversial debt deal. Miguel Angel Garza, spokesman at the National Banking and Securities Commission, said TV Azteca has been formally notified that the securities regulator has concluded its investigation and found "possible violations." Company chairman Ricardo Salinas is accused of refinancing a debt at Azteca's mobile telephone unit Unefon for personal gain. In January, the U.S. Securities and Exchange Commission said Salinas and two other executives took part "in an elaborate scheme to conceal Salinas' role in a series of transactions through which he personally profited $109 million." Because Azteca stock trades on the New York Stock Exchange, the SEC is seeking fines and repayment to shareholders. Separately, Garza said that Azteca could be slapped with a "significant fine" in Mexico.
NEW YORK -- The U.S. Securities and Exchange Commission on Tuesday charged Mexican broadcaster TV Azteca and its chairman Ricardo Salinas Pliego with fraud, saying he swindled $109 million by conducting business debt deals secretly. Two other executives have been charged by the SEC as well: former TV Azteca director and chief executive Pedro Padilla Longoria and director Luis Echarte Fernandez. A filing by the SEC Tuesday said the defendants "engaged in an elaborate scheme to conceal Salinas's role in a series of transactions through which he personally profited." The complaint also alleges that Salinas and Padilla Longoria sold millions of dollars of TV Azteca stock while Salinas's "self-dealing remained undisclosed to the marketplace."...
MEXICO CITY -- The U.S. Securities and Exchange Commission has notified four TV Azteca executives, including chairman Ricardo Salinas, that it intends to bring civil lawsuit charges against them for securities violations. A TV Azteca spokesman confirmed Wednesday that the SEC had issued notices on Aug. 27 to chairman Salinas, vice chairman Pedro Padilla, Azteca America Network chief executive Luis Echarte and board secretary Francisco Borrego, warning them of possible legal action against them and the network. The SEC and Mexican securities regulators are probing a controversial debt purchase and resale at Azteca's mobile telephone unit Unefon, a transaction that allowed Salinas and business partner Moises Saba to pocket $218 million. Under their investment firm Codisco, Salinas and Saba bought Unefon's debt at a discounted $107 million. Two months later, they sold it back to Unefon for $325 million. Shareholders have filed a class-action lawsuit, claiming Azteca failed to inform them of the transaction. Salinas, who recently said he "wasn't concerned" about the outcome of the securities investigation, plans to present a report to the SEC explaining the details of the debt deal.
- 10/7/2004
- The Hollywood Reporter - Movie News
MEXICO CITY -- Brushing aside an ongoing securities probe as "a case of discrimination," TV Azteca chairman Ricardo Salinas on Tuesday said that within three weeks he will present a report explaining the details of a controversial debt deal at the company's mobile telephone unit Unefon. Mexican regulators and the U.S. Securities and Exchange Commission are investigating a debt transaction at Unefon in which Salinas and business partner Moises Saba profited $218 million. In June 2003, Codisco, an investment firm owned by Salinas and Saba, bought Unefon's $325 million debt from Canadian equipment supplier Nortel Networks at $107 million. Four months later, Codisco sold back the debt to Unefon at $325 million.
- 9/15/2004
- The Hollywood Reporter - Movie News
MEXICO CITY -- Mexican broadcaster TV Azteca said Thursday that it will limit the decision-making powers of chairman Ricardo Salinas as U.S. and Mexican securities regulators probe a controversial debt deal at the company's mobile telephone unit, Unefon. In a filing with the U.S. Securities and Exchange Commission, Mexico's No. 2 network said it had reduced Salinas' powers of attorney, requiring him to seek board approval for future transactions.
- 7/30/2004
- The Hollywood Reporter - Movie News
MEXICO CITY -- Mexico's TV Azteca on Wednesday said its board has appointed Mario San Roman as its CEO. In a filing with the Mexican Stock Exchange, Mexico's No. 2 network said San Roman, the broadcaster's former chief operating officer, will replace Pedro Padilla, who leaves the position to become CEO of Grupo Salinas, the umbrella company of Azteca and other businesses owned by the family of Ricardo Salinas. The appointment was effective July 14, but there will be a "six-month transition period" during which San Roman and Padilla will work closely together. Azteca chairman Salinas said San Roman was the "natural choice" as he has "an unparalleled knowledge of efficient production, superior programming and sales strategies."...
- 7/29/2004
- The Hollywood Reporter - Movie News
MEXICO CITY -- Mexico's securities regulator said Tuesday that it is formally investigating fraud charges involving TV Azteca chairman Ricardo Salinas, related to a controversial debt deal at his cellular telephone unit Unefon. The National Banking and Securities Commission (CNBV), Mexico's version of the U.S. Securities and Exchange Commission, has said on numerous occasions that it was "analyzing" information concerning the Unefon debt restructuring deal, which allowed Salinas and his business partner Moises Saba to reap a $218 million profit. In an interview Tuesday, CNBV spokesman Miguel Angel Garza confirmed that the investigation was under way. "We began a formal investigation several weeks ago," he said. "We cannot offer any more details because we do not want to hinder the investigation."...
- 2/11/2004
- The Hollywood Reporter - Movie News
MEXICO CITY -- Shareholders of TV Azteca have filed a class-action lawsuit against the Mexican broadcaster, saying the company's failure to fully disclose details of a controversial debt deal at its mobile telephone unit Unefon has caused significant losses. In a statement released Monday, New York-based law firm Schiffrin & Barroway said it filed the lawsuit in the U.S. District Court for the Southern District of New York on behalf of stock purchasers from Oct. 6-Jan. 7. According to the law office, TV Azteca failed to disclose third-party transactions in a debt deal between Azteca affiliate Unefon and Codisco Investments, a privately held company owned by Azteca chairman Ricardo Salinas and Unefon head Moises Saba. In June, Codisco bought Unefon's debt from Canadian telecom equipment supplier Nortel Networks for $107 million and then sold it back to Unefon for $325 million. Initially, Salinas denied that he was behind Codisco. But on Jan. 9, according to Schiffrin & Barroway, Azteca admitted that the "white-knight" investors were in fact Salinas and Saba, who walked away with a $218 million profit.
- 1/27/2004
- The Hollywood Reporter - Movie News
Shares of Mexican broadcaster TV Azteca on Friday extended a downward spiral seen for most of last week as the company acknowledged that chairman and controlling shareholder Ricardo Salinas "indirectly" owned an investment company involved in a controversial debt deal at the company's mobile telephone unit Unefon. After falling more than 10% on Thursday, shares of TV Azteca dipped as much as 6% on Friday before closing down 2.5% on the New York Stock Exchange. The stock, which had a continuous run-up last year, ended the week at 7.97. That was still closer to its 52-week high of 9.80 than its 52-week low of 4.22 from a year ago. Mexico City-based Azteca shares have traded downward since reports late last month that outside attorneys had told the company's board that they believe it has violated U.S. securities laws (HR 12/29).
- 1/11/2004
- The Hollywood Reporter - Movie News
Shares of Mexican broadcaster TV Azteca on Friday extended a downward spiral seen for most of last week as the company acknowledged that chairman and controlling shareholder Ricardo Salinas "indirectly" owned an investment company involved in a controversial debt deal at the company's mobile telephone unit Unefon. After falling more than 10% on Thursday, shares of TV Azteca dipped as much as 6% on Friday before closing down 2.5% on the New York Stock Exchange. The stock, which had a continuous run-up last year, ended the week at 7.97. That was still closer to its 52-week high of 9.80 than its 52-week low of 4.22 from a year ago. Mexico City-based Azteca shares have traded downward since reports late last month that outside attorneys had told the company's board that they believe it has violated U.S. securities laws.
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