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Paramount bought Argentinian free-to-air broadcast community Telefé to a holding firm managed by native businessman Gustavo Scaglione and Jose Luis Manzano.
The acquisition will embody Telefé’s fundamental headquarters in Buenos Aires and its three regional associates in Rosario, Santa Fé and Córdoba. The deal marks a big shift within the Argentine media panorama, bringing Telefé underneath native possession.
Monetary particulars of the settlement weren’t disclosed, although native newspaper La Nacion reported that the acquisition value was roughly $100 million, down from the $345 million Viacom paid for it in 2016 previous to its merger with CBS.
Telefé reaches 44 million households in Argentina, representing a attain of 95%.
It produces greater than 3,500 hours of Spanish-language video content material yearly, together with 9 of the highest 10 applications airing regionally. It additionally manages a library of over 33,000 hours of content material. Its pay TV channel, Telefé Internacional, is distributed globally to greater than 8 million subscribers in additional than 20 nations. It additionally distributes content material by way of the digital app Mi Telefé.
“Telefé has lengthy been a benchmark in Argentine tv, and we’re assured it’s going to proceed to develop and thrive underneath its new native administration,” Kevin MacLellan, Paramount’s president of worldwide content material distribution and worldwide media, mentioned in a press release. “We categorical our honest gratitude to the gifted groups in Argentina who, by way of their dedication and creativity, have contributed to Telefé’s success through the years.”
“It’s a true honor and privilege {that a} prestigious firm like Paramount has entrusted me and the group I lead with the way forward for Telefé,” Scaglione added. “This channel represents excellence and instructions a large viewers throughout Argentina.”
The transfer comes as Paramount’s new management is seeking to exceed $2 billion in value financial savings. Along with launching a evaluation of its worldwide pay TV technique, the corporate is contemplating actual property asset gross sales and can lay off hundreds of staff.
“This sale displays our ongoing dedication to evolving our world portfolio and specializing in areas with the best potential for long-term progress. In Latin America, that features persevering with to scale our direct-to-consumer choices,” MacLellan mentioned in a memo to employees obtained by TheWrap. “And in our English-language markets, we all know that our free-to-air networks – like Channel 5 within the UK and Community 10 in Australia – are vital to our success. These platforms not solely ship sturdy native efficiency, but additionally play a vital position in driving consciousness, engagement, and progress throughout our complete ecosystem.”
Integra Capital S.A. served because the advisor for the holding firm that acquired Telefé, and The Raine Group, Quantum Finanzas, and G5 Companions served as monetary advisors to Paramount on this transaction.
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