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Time Warner To Buy Chilevision For $150M

The Hollywood Reporter, Thursday, August 26, 2010 11:05 PM

Time Warner's Turner Broadcasting System continues to expand abroad. The company has agreed to acquire Chilean broadcast network Chilevision for about $150 million. It is owned by Chile's president Sebastian Pinera who promised to sell his business interests, which also include an airline and more, before he assumed the presidency in March. The channel is known for celebrity shows, news and telenovelas. Turner said it is the most profitable free-to-air broadcaster in Chile and "one of the industry leaders in audience and ratings."

The deal requires regulatory approval. The network will be operated by Turner Broadcasting System Latin America, led by division president Juan Carlos Urdaneta. The local management team will remain in place. Turner has made low-cost acquisitions abroad to take advantage of fast-growing markets away from home. It recently agreed to buy U.K. production firm Shed Media, but has mostly focused on channels, such as India's NDTV Imagine and Central European Media Enterprises.

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