Viacom to Buy Argentina's Telefe for $345 million
November 15 2016 - 1:20PM
Dow Jones News
Viacom Inc. on Tuesday said it had reached a deal to buy
Argentina's Televisió n Federal SA from Telefó nica SA for $345
million in cash.
Televisió n 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 13:05 ET (18:05 GMT)
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