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MILAN, Dec 21 (Reuters) - Italian utility Enel will remain a minority investor in Latin America's Ufinet by renewing a partnership with private
equity firm Cinven that will give it 19.5% of the broadband group.


Europe's biggest utility, which currently owns 21%
of Ufinet, had an option to buy out Cinven which it could exercise before the end of the year.


In a statement on Tuesday, Enel said it had agreed to buy out Cinven but would immediately sell 80.5% back to another fund managed by the private equity firm in order to renew the partnership.


Under the agreement, Enel X International will keep board representation in Ufinet, with a
right to sell its stake under the same conditions as Cinven should the private equity firm opt to sell.


The deal, set to close in the first quarter of next year, is expected to
generate net cash for Enel of around 60 million euros ($68 million) with a positive impact on operating results of about 200 million euros.


Ufinet, headquartered in Spain, manages some 80,000 km
(50,000 miles) of optical fibre in 17 countries in Central and
Latin America. Last year it had revenues of around $250 million.

Broadband networks are attracting interest from investors as customers use ever more data and TV services via mobile and home devices, a trend that accelerated during the coronavirus lockdowns.


Enel, which controls Spanish utility Endesa, has extensive energy operations in Latin America
and has launched a financial services business in Colombia.
($1 = 0.8875 euros) (Reporting by Elisa Anzolin and Stephen Jewkes
Editing by Mark Potter and Paul Simao)

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It's the invention that changed the way the world watched home recordings and Hollywood
films.

But in just four weeks' time, the last ever company to manufacture videocassette recorders will shut down production as the Netflix generation takes over. 

The closure in August comes as services like Netflix and YouTube continue to revolutionise the way we watch
films and TV.




In just four weeks' time, the last ever company
to manufacture videocassette recorders (stock image) will shut down production



THE DECLINE OF THE VCR

The VCR's first death knell sounded when DVD players
were introduced around the world in 1997. 

But DVDs didn't become more popular than video cassettes until 2003. 

Since then, the internet has dramatically changed how
we watch our favourite TV shows, with services like
BBC iPlayer and Amazon Prime streaming content directly to our devices. 

The streaming and download market is now even bigger than the DVD market, according to PwC.
And by 2017, the streaming market is set to be worth $12 billion. 





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Japan's Funai Electric, which has been making VCRs since 1983, used
to sell 15 million VCRs a year in its heyday.

But last year the company sold just 750,000 as the video
cassette market continues to shrink.

The VCR's first death knell sounded when DVD players were introduced
around the world in 1997. 

But DVDs didn't become more popular than video cassettes until 2003.


Since then, the internet has dramatically changed how we watch our favourite TV shows,
with services like BBC iPlayer and Amazon Prime streaming content
directly to our devices.

The streaming and download market is now even bigger than the DVD market,
according to PwC. And by 2017, the streaming market is set
to be worth $12 billion.

But there is a still a thriving second-hand market for VCRs, with many families looking to convert cherished memories recorded on tape
into digital.




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According to Japanese newspaper Nikkei, Funai Electric
will shut down its VCR operations by the end of August. 

Alongside a shrinking demand from consumers, Funai said it is also having difficulty
getting the correct parts to manufacture VCRs with, as the technology is so dated.


Rival Panasonic stopped making VCRs in 2012, but Funai
was still making the tape machines for Sanyo in China, which then sold them on to customers in the United States and other markets.





There is a still a thriving second-hand market for VCRs, with many families looking to convert cherished memories recorded on tape into digital

And VCRs are just one of many technologies from the past that have taken decades
to die out.

Godrej and Boyce - the last company left in the world that was still manufacturing typewriters - halted its production in Mumbai, India in 2011 with just a few hundred machines left in stock.


Video cassette predecessor Betamax was still going strong until 2002 when Sony stopped production of new recorders. 

But new formats of the video technology called SuperBetamax
are still being used by small groups of people. 


GOOGLE REVEALS 'VHS MODE' 

In 2013 Google unveiled a 'VHS' feature for YouTube in honour of the video
tape that sparked the home entertainment revolution.

In celebration of the VHS launching 57 years ago, Google let selected videos use a 'VHS simulator'.


It added the white flicks, wonky video and errors that plagued VHS recordings. 

'Not too long ago, the video tape was the media of choice for living rooms around the world,' the firm
said in a statement.

'In celebration of the 57th birthday of the first commercial video cassette
recorder, check out a fun VHS mode for the YouTube player to relive the
magic feel of vintage video tapes.

'On select videos, you'll find a VHS button in the bottom right of the player -
just click to turn back the clock and enjoy the static and fuzzy motion of the VHS era.' 







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