Global Crossing (Nasdaq: GLBC) is wasting no time in putting its acquisition of Genesis Networks to work as it's now making its broadcast and media services available over its Latin American-based IP networks.
As a response to what Mike Antonovich, managing director of Global Crossing Genesis Solutions, says is a "vast opportunity for sports, entertainment and event programming," Global Crossing Genesis Solutions will be available over its IP networks in Argentina, Brazil, Chile, Colombia, Ecuador, Panama, Peru, Mexico, Venezuela and the Caribbean region.
What's timely about its drive into Latin America from a high definition sports broadcasting point of view is that it coincides with three major events over the next five years including: the 2011 Pan American games in Guadalajara, Mexico; the 2014 FIFA World Cup in Brazil; and the 2016 Summer Olympics in Rio de Janeiro.
While Global Crossing is obviously keen to take advantage of these near-term opportunities, the Latin American high definition television market continues to growth. According to television research firm Dataxis, the number of Latin American high definition television subscribers grew from 215,000 in 2009 to more than 3,000,000 in 2010.
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