Turner Broadcasting System, Inc. (TBS, Inc.) has reached an agreement to acquire Chilevisión, the most profitable free-to-air broadcaster in Chile and one of the industry leaders in audience and ratings, it was announced today by Louise Sams, president of Turner Broadcasting System International.
"Chilevisión is an extremely well-run channel that has posted consistently strong ratings; audience and advertising share; and profitability," said Sams. "With this acquisition, our company enters the local broadcast market as a marquee player; furthers our leadership position across Latin America; and expands the growing Turner portfolio of international networks and businesses around the world."
Under the terms of the agreement, TBS, Inc. will assume 100% ownership of Chilevisión. The transaction is expected to be completed following the granting of regulatory approval.
The network will be operated by Turner Broadcasting System Latin America, a division of TBS, Inc., under the direction of division president Juan Carlos Urdaneta. The local management team will remain in place to run the channel.
"We appreciate the commitment and support of Bancard and the role it has played in the growth and development of our channel in the last five years," said Jaime de Aguirre, Chilevisión executive director. "We are excited about the new era that begins with the arrival of Turner Broadcasting. We believe that being part of a global company with the characteristics of Turner Broadcasting will bring new growth and development opportunities not only for our channel, but most importantly for its people, who ultimately are the ones that will continue to deliver more and better television to our audiences."
Citigroup served as financial adviser and Cariola, Diez, Perez-Cotapos as legal adviser to Turner Broadcasting System, Inc.
Turner Broadcasting System, Inc., a Time Warner company, creates and programs branded news, entertainment, animation and young adult media environments on television and other platforms for consumers around the world.
Turner Latin America