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Financial terms of the deal were not disclosed.
The transaction includes Chilevision’s free-to-air TV network, which the companies said has been the country’s most-watched channel year-to-date, with the firm’s “substantial” library of content spanning such genres as sports, entertainment and news, as well as its “vast production capabilities.”
ViacomCBS said that “these attributes, Chilevisión network’s reach and a windowing strategy of its content pipeline through free, paid and premium will serve as a valuable marketing vehicle for ViacomCBS Networks International’s Spanish-language ecosystem and expand [its] studio, streaming and linear presence in the region.”
Chilevision will fall under the purview of Juan “JC” Acosta, president of ViacomCBS International Studios and Networks Americas. Additional leadership appointments will be made soon, the company said.
The deal, first announced in April, comes at a time when more content companies look to serve the burgeoning Hispanic TV market in the U.S. and have their eye on growth opportunities in Latin America.
“Our investment in Chilevisión strategically expands ViacomCBS’ global ecosystem, strengthening our position as a leading Spanish-language content producer,” said Raffaele Annecchino, president and CEO, ViacomCBS Networks International. “As we rapidly grow our streaming services worldwide, we’ve seen the power our free-to-air channels like Telefe in Argentina, Network 10 in Australia, and Channel 5 in the U.K. have to fuel Paramount+ and Pluto TV. Spanning every platform and price point, our diversified ecosystem is what continues to set ViacomCBS apart in the streaming landscape as we drive subscribers across our platforms and connect audiences with more premium, original content.”
The executive previously emphasized that “Latin America is one of the world’s fastest-growing streaming markets, and Chilevisión will be a key driver of our accelerated streaming strategy in the region.”
For AT&T, the sale continues a recent focus on selling off non-core assets to pay down debt.
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