President Pinera sells for estimated $150 million
BUENOS AIRES — Time Warner has agreed to buy Chilevision, a leading television broadcaster, from Chilean President Sebastian Pinera.
The U.S. media group will buy 100% of the company through its Turner Broadcasting System division, which has wide interests in Latin America including news cabler CNN Chile.
Time Warner and Pinera’s holding company, Bancard Inversiones, did not disclose the amount of the transaction. Chilean media reported that it closed at an estimated $150 million.
A billionaire businessman, Pinera vowed to sell assets after taking office in March, including in Chilevision.
Louise Sams, prexy of Turner Broadcasting System Intl., said Chilevision is a “well-run channel” with a track record of strong ratings and profitability.
“With this acquisition, our company enters the local broadcast market as a marquee player,” he said in a statement, adding that the purchase is part of an effort to expand its international portfolio of businesses and networks.
Juan Carlos Urdaneta, head of TBS Latin America, will oversee operations of Chilevision.