Globo dismisses CFO Manuel Belmar following World Cup viewership decline

Globo has dismissed its Chief Financial Officer, Manuel Belmar, following a decline in viewership during the World Cup. Belmar, who oversaw digital products, finance, legal, and infrastructure, was held internally responsible for the strategic decision to relinquish exclusive broadcasting rights for the tournament.

This decision allowed competitors, specifically SBT and CazéTV, to capture significant market share. Data indicates that Globo’s open TV audience share dropped from 98% in 2022 to 82% in the most recent edition, while CazéTV grew from zero to 44% in open TV, tying with SBT. The shift follows strained relations between Globo and FIFA since 2021, stemming from attempts to renegotiate contract costs during the pandemic.

Belmar, who joined the group in 2003 and was recently named executive of the year by IBEF, did not acknowledge any error regarding the negotiations. The dismissal marks a significant shift in the company's leadership following the loss of its historical dominance in sports broadcasting.