Globo accepts installment payments and Americanas begins to pay million-dollar debt with broadcaster

After a year in court, Globo accepted a settlement proposal and began receiving a contract termination debt of R$14.2 million from Lojas Americanas last month.

The amount refers to the abandonment of the BBB 23 sponsorship contract, in January of last year, and other actions, such as payments for commercial breaks that were not honored by the retail company.

O F5 had access to the company’s request to be included on the list of creditors in the judicial recovery. The bulk of the amount, around R$12 million, comes from the breach of an agreement to advertise on Globo’s reality show. The contract was signed at the end of 2022, but Americanas opted to terminate it after a R$20 billion hole in its cash flow came to light. Mercado Livre bought the sponsorship quota that was left vacant.

Americanas also did not pay for commercial breaks broadcast during peak viewing times, such as in 7pm and 9pm soap operas. Despite the pending issue, Globo and Americanas continued with some commercial partnerships, especially in commercial breaks.

Wanted by F5, Americanas confirmed the debt and the payment plan. There is still no forecast for when the amount will be paid. The retailer says it spoke with Globo and that it was the media company that chose the payment method.

“Americanas informs that the amounts owed to Grupo Globo for events that occurred prior to the request for judicial recovery are duly listed in agreement between the parties in the general list of creditors presented by the Judicial Administration and are being paid in accordance with the payment option adopted by the partner in the form of the Judicial Recovery Plan”, says the note.

At the time, Americanas explained that it had terminated the BBB 23 contract because it was “focused on managing the business and on the purpose of offering the best experience to its customers, partners and suppliers” in view of the R$20 billion hole in its accounts. “Globo continues to be a relevant partner in the marketing and communication strategy of Americanas SA”, it stated.

In recent days, former directors of Americanas were arrested in Operation Disclosure —an English term for transparency of information about a company’s economic situation—, launched last Thursday (27).

Fourteen people linked to the retailer are being investigated for crimes of market manipulation, use of privileged information and criminal association. If convicted, the sentences can reach up to 26 years in prison.

The hole in Americanas’ accounts was revealed in early 2023, when the company informed the market of billion-dollar accounting inconsistencies, leading the retailer to enter judicial recovery.

Studies produced by the company itself indicated that the inconsistencies were, in fact, accounting fraud committed by former employees. The PF investigation showed that the irregular practices were intended to achieve internal financial goals and encourage bonuses.

The actions of those under investigation manipulated and illegally increased the market value of the company’s shares. According to the investigation, the former CEO sold R$158 million in company shares after learning that he would be replaced as head of the company and that the irregularities would be discovered.

In total, 11 former executives sold more than R$250 million after the announcement of a change in command at the company.