On Monday, WarnerMedia said it had agreed to buy Chilevision from the media giant AT& T Inc. of Latin America for an unnamed sum as the media giant looks to build its streaming audience in the media world.
The acquisition will bolster ViacomCBS Americas portfolio, which includes streaming services Paramount and Pluto TV as well as Argentine broadcaster Television Federal SA.
Streaming platforms, which saw a boom during the COVID 19 pandemic, are increasingly investing in content to lure more subscribers and retain them amid intense competition.
According to ViacomCBS, Chile's TV network which broadcasts news shows, talk shows and soap operas attracted almost a quarter of the total viewers in Chile in 2020.
Latin America is one of the fastest growing streaming markets in the world, and Chilevisia n 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- acquired Chilevision from President Sebastian Pinera in a deal estimated to be worth$ 150 million.