exclusivity contract was signed between HBO Brazil and DirecTV, estimated at $250 million.

In 1997, another studio joined the network: Walt Disney Studios. That same year, Cinemax, available in the rest of Latin America since 1994, launches in Brazil, totalling 3 premium channels offered. In July 2000, Grupo Abril sold its 25% stake back to Time Warner, valued at around $43 million. In October, now being run directly from abroad, another channel