New York media conglomerate ViacomCBS buys Chilevision from WarnerMedia in LATAM push

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New York media conglomerate ViacomCBS buys Chilevision from WarnerMedia in LATAM push

ViacomCBS, the New York City-based American diversified mass media conglomerate, said on Monday that the company had agreed to purchase a WarnerMedia-owned broadcaster Chilevision as a part of its broader push to expand in a fast-growing LATAM streaming market, as the American multinational media giant appeared to be on the lookout of a step-up at its streaming revenues in Latin America.

Aside from that, ViacomCBS had been quoted saying in a statement that an acquisition of Chilevision from WarnerMedia, would flesh up ViacomCBS’ US portfolio that involves a swathe of middlebrow streaming services ranging from Paramount+ to Pluto TV to Argentine broadcaster Telefe (Television Federal SA), too.

Nonetheless, ViacomCBS, the American mass media conglomerate that was formed through a merger of the second incarnation of CBS Corporation alongside a second incarnation of Viacom back in the December of 2019, had declined to disclose the financial terms of the deal.

ViacomCBS purchases Chilevision from WarnerMedia

In factuality, the latest ViacomCBS’ acquisition of Chilevision from WarnerMedia came against the backdrop of a boom in streaming platforms amid a global-scale pandemic-led restriction, while a slew of streaming platforms had reportedly been receiving billions of dollars in new investments in bids to retain subscribers amid a fiercely competitive streaming media market landscape.

In tandem, adding that Chilevision had lured away nearly a quarter of Chile’s entire television viewers last year, ViacomCBS Networks International’s President and Chief Executive, Raffaele Annecchino said late in the day, “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.