Chile. In order to achieve a greater presence in the Latin American television market, ViacomCBS Network International, VCNI, closed an agreement to acquire the Chilevisión network from its current owner, WarnerMedia.
Through the transaction, VCNI further expands its presence in Latin America and bolsters its streaming business with a new library of premium content and a channel to drive growing demand for Spanish-language content on platforms such as Paramount+ and Pluto TV. The acquisition will benefit consumers and partners by offering even more diverse entertainment options on premium, paid and free platforms.
The agreement will strengthen and expand VCNI's presence in the Southern Cone of Latin America by creating an aligned commercial, content and distribution strategy. The acquisition will include Chilevisión's market-leading free-to-air television network (FTA), which will complement VCNI's global content offering. Chilevisión attracted approximately 24% of audience participation in 2020.
"Latin America is one of the fastest growing streaming 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. "Chilevisión is an extraordinary addition to our existing business in Latin America and will strengthen ViacomCBS' position as a premier Spanish-language content producer."
Chilevisión will be under the leadership of Juan "JC" Acosta, president of ViacomCBS International Studios and Networks Americas. The acquisition joins viacomCBS Americas' portfolio, which includes premium SVOD service, Paramount+; the best FAST Pluto TV service; Nickelodeon's interactive learning service for preschoolers, Noggin; ViacomCBS International Studios production center; Telefe, more than 10 branded Pay-TV networks, including MTV, Nickelodeon, Nick Jr. and Comedy Central, among others; multiple events and experiences on the ground; and an extensive catalogue of consumer products. VCNI Americas has offices in Canada, Mexico, Brazil, Argentina and Colombia.
The purchase price of the acquisition will be financed by ViacomCBS' existing cash balances. The transaction is subject to customary regulatory approvals and closing conditions. Financial terms of the transaction were not disclosed.
