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George Soros Receives Approval To Buy Sunrise Telecomunicacoes, Brazil Telecom Company

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* Soros Fund Management okayed to purchase pay-TV provider

* To invest $500 mln ahead of spectrum auction -report

* Brazil to auction off broadband frequencies in June

SAO PAULO, June 1 (Reuters) - Billionaire investor George Soros has received regulatory approval to enter the Brazilian telecom fray, investing in a local pay-TV company ahead of a landmark auction of broadcast frequencies.

Brazil regulator Anatel has approved plans by the Cayman Islands-based Soros Fund Management to take control of Sunrise Telecomunicaçoes, which offers television by subscription in Sao Paulo state, an agency spokesman said on Friday.

Local newspaper Valor Economico reported this week that Soros was interested in making a $500 million investment in the Brazilian company in order to participate in an auction of broadcast spectrum this month.

A press representative of Soros Fund Management in New York declined to comment on any potential transactions in Brazil.

This month Anatel is auctioning licenses for broadcast frequencies related to next-generation mobile phone service and broadband wireless access in rural areas.

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