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article imageTime Warner Group, TBS Inc. buys Chilean TV network Chilevisión

By Igor I. Solar     Aug 25, 2010 in Business
Santiago - Turner Broadcasting System, a division of New York-based Time Warner Group, agreed to buy Chilevisión, Chile's leading and most profitable TV channel, until now property of Chilean president Sebastián Piñera.
The announcement was made today by Louise Sams, president of Turner Broadcasting System International:
"With this acquisition, our company will enter the broadcast market as a prominent competitor, which strengthens our leadership position in Latin America, and expands the portfolio of Turner and international business worldwide," the firm said in a statement.
It is expected that the negotiation will go ahead once it receives the required approval in Chile. The parties did not report the amounts involved in the transaction, although media reports have estimated it would be around US$ 140 million. The channel will be operated by Turner Broadcasting System Latin America, a division of TBS, Inc., under the leadership of its president, Juan Carlos Urdaneta. The Chilevisión management team will continue in charge of regular TV station operations.
The Time Warner Center as viewed from Central Park West.
The Time Warner Center as viewed from Central Park West.
According to Bloomberg, this transaction clears one of the issues that remained on the political agenda of the opposition, in the sense of relieving the conflict of interest that exist between Chilean president Sebastián Piñera maintaining ownership of television media and, for example, the definitions of matters related to the implementation of Digital TV in the country.
Turner Broadcasting System, Inc. owns CNN and affiliates (i.e. CNN en Español), TNT, TruTV and Cartoon Network, among other media outlets.
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