In a significant setback for Belize’s telecommunications consolidation efforts, Central TV & Internet Ltd. has become the second company to withdraw from acquisition negotiations with state-owned Belize Telemedia Limited (BTL). The decision was formally communicated to BTL Chairman Markhelm Lizarraga through a letter citing mounting reputational concerns and media attacks unrelated to the commercial merits of the proposed deal.
Pedro Lizarraga, Chairman of Central TV & Internet Ltd., revealed that his company had engaged in discussions with BTL for over seven years before reluctantly considering a sale based on what was described as a ‘fair value’ proposition. The company had even proposed a payment arrangement structured around projected revenue enhancements that the consolidation would generate for BTL.
The withdrawal follows a similar exit by Centaur Communications Corp. Ltd. and occurs amidst growing opposition to BTL’s ambitious $170 million acquisition plan. The controversial proposal has already triggered significant repercussions, including the resignation of Social Security Board Chair Chandra Nisbet-Cansino from the BTL board last Friday. Both the National Trade Union Congress of Belize (NTUCB) and independent senators have called for a complete halt to the consolidation process.
Central TV & Internet Ltd.’s statement emphasized that while they recognized potential benefits including enhanced revenue generation, economies of scale, optimized network utilization, and substantial cost savings, the negative media environment and personal attacks had ultimately made continued negotiations untenable.