Oct. 5 (Bloomberg) -- Embratel Participacoes SA’s Chief Executive Officer Jose Formoso Martinez said there’s no definite time frame for its controlling shareholder America Movil SAB to take control of Net Servicos de Comunicacao SA.

A new law removing restrictions on foreign ownership in Brazilian cable television companies, which was approved by President Dilma Rousseff last month, is being discussed by the companies’ shareholders and the authorities, Formoso Martinez told journalists today in Sao Paulo.

To contact the reporter on this story: Taís Fuoco in Sao Paulo at tfuoco1@bloomberg.net

To contact the editor responsible for this story: Karen Eeuwens at keeuwens@bloomberg.net