ViacomCBS will buy Chilevisión from WarnerMedia seeking to gain market in Latin America

Apr 5 (Reuters) – ViacomCBS Inc said on Monday it agreed to buy the Chilevisión channel from WarnerMedia, owned by AT&T Inc, for an undisclosed sum, as the media giant seeks to increase its audience in Latin America.

The acquisition will strengthen ViacomCBS ‘portfolio in the Americas, which includes streaming services Paramount + and Pluto TV, as well as Argentine channel Television Federal SA (Telefe).

Streaming platforms, which boomed during the COVID-19 pandemic, are increasingly investing in content to attract and retain their subscribers amid intense competition.

Chilevisión, which broadcasts newscasts, miscellaneous shows and soap operas, attracted nearly a quarter of Chile’s total television audience in 2020, according to ViacomCBS. “Latin America is one of the fastest growing markets in the world and Chilevisión will be a key driver of our accelerated streaming strategy in the region,” said Raffaele Annecchino, President and CEO of ViacomCBS Networks International.

In 2010, WarnerMedia, then known as Time Warner Inc, acquired Chilevisión, which was in the hands of Chilean President Sebastián Piñera, in a deal estimated at 150 million dollars.

(Report by Eva Mathews in Bengaluru. Edited in Spanish by Rodrigo Charme)