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Liberty sells stake in Cablevision

Company to change name to VLG Argentina

BUENOS AIRES — Liberty Media Intl., the international arm of John Malone’s Liberty Media, has sold 21.8% of its stake in Cablevision, the biggest multisystem operator in economically ravaged Argentina.

Liberty sold the shares and 100% of its voting rights in Liberty Argentina, a subsidiary that owns 50% of Cablevision, to VLG Acquisition, a company run by Fred Vierra, former chief executive of Tele-Communications Intl. which invested in Cablevision in 1995.

As a result of the transaction, Liberty Argentina has changed its name to VLG Argentina.

The companies did not disclose financial terms of the deal. In Argentina, Liberty also owns leading pay TV programmer Pramer and 40% of sports programmer Torneos y Competencias (TyC).

The other half of Cablevision is owned by Dallas-based investment fund Hicks, Muse, Tate & Furst.

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