© Reuters. ViacomCBS headquarters in New York, New York
(Reuters) – ViacomCBS (NASDAQ:) Inc said on Monday it had agreed to buy broadcaster Chilevision from AT&T (NYSE:) Inc-owned WarnerMedia for an undisclosed sum, as the media giant looks to boost its streaming audience in Latin America.
The acquisition will bolster ViacomCBS’ Americas portfolio, which includes streaming services Paramount+ and Pluto TV as well as Argentine broadcaster Television Federal SA (Telefe).
Streaming platforms, which witnessed a boom during the COVID-19 pandemic are increasingly investing in content to lure and retain more subscribers amid intense competition.
Chilevision, which airs news shows, talk shows and soap operas, attracted nearly a quarter of Chile’s total television viewership in 2020, according to ViacomCBS.
“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.
In 2010, WarnerMedia – then known as Time Warner Inc (NYSE:) – acquired Chilevision from Chilean President Sebastian Pinera in a deal estimated to have been worth $150 million.
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