ViacomCBS’s international networks division said it agreed to acquire Chilevisión from AT&T’s WarnerMedia.
Financial terms were not disclosed. Local reports valued the transaction at between $14 million and $20 million.
ViacomCBS Networks International said the acquisition will expand its footprint in Latin America and give it premium Spanish-language content for its Paramount Plus and Pluto TV streaming platforms.
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“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,” said Raffaele Annecchino, president and CEO, ViacomCBS Networks International. “Chilevisión is an extraordinary addition to our existing business in Latin America and will fortify ViacomCBS’s position as a premier Spanish language content producer.”
Chilevisión’s library includes sports, entertainment, and news, and it has substantial production capabilities. The acquisition also includes Chilevisión’s free-to-air television network, which had a market leading 24% share of viewership in 2020, according to IBOPE.
The TV network will serve as a marketing vehicle for ViacomCBS’s streaming platforms in the region.
When the acquisition is completed, Chilevisión will be overseen by Juan “JC” Acosta, president of ViacomCBS International Studios and Networks Americas.
His portfolio includes Paramount Plus, Pluto TV, Nickelodeon’s Noggin, a production hub, the broadcasters Telefe, 10 branded pay TV networks, live events and consumer products.
AT&T has been selling off assets in order to reduce debut.
The deal gets WarnerMedia out of the broadcast business at a time when it's pivoting from linear TV to streaming.
"This transaction will enable us to laser focus on our core priorities of the HBO Max launch and supercharging WarnerMedia Latin America in the most efficient and productive manner possible," Whit Richardson, president, WarnerMedia Latin America said in an internal memo.
