Viacom to Buy Argentina's Telefe for $345 Million
November 15 2016 - 1:07PM
Dow Jones News
By Anne Steele
Viacom Inc. on Tuesday said it had reached a deal to buy
Argentina's Televisión Federal SA from Telefónica SA for $345
million in cash.
Televisión Federal, known as Telefe, is one of the main
free-to-air channels in Argentina, reaching 95% of all households
in the country. It has attracted about 33% share of viewership
year-to-date in 2016.
The deal, which combines Telefe with Viacom's popular pay TV
networks -- including MTV, Nickelodeon, Comedy Central and
Paramount Channel -- bolsters Viacom International Media Networks'
position in Argentina and Latin America.
Viacom is exploring a potential merger with CBS Corp. A decade
after splitting apart, Viacom and CBS were asked in September to
consider merging by National Amusements, the Redstone family's
holding company, which owns roughly 80% of the voting shares of
both companies.
Viacom shares were down 0.9% midday to $38.53.
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
November 15, 2016 12:52 ET (17:52 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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