ViacomCBS Networks International is set to acquire WarnerMedia’s Chilevisión and its Spanish- language content library as well as its production capabilities.

The top Chilean network will complement VCNI’s current global production, distribution and advertising solutions across more than 180 countries and will further expand the network’s presence in Latin America (particularly in South America).

ViacomCBS said it would finance the acquisition with cash on hand. The specific financial terms of the transaction were not disclosed.

“Latin America is one of the world’s fastest-growing streaming markets, and Chilevisión will be a key driver of our accelerated streaming strategy in the region,” said Raffaele Annecchino, president and CEO, ViacomCBS Networks International. “Chilevisión is an extraordinary addition to our existing business in Latin America and will fortify ViacomCBS’s position as a premier Spanish language content producer.”

Chilevisión will fall under the leadership of Juan “JC” Acosta, President of ViacomCBS International Studios and Networks Americas.

Through the acquisition, ViacomCBS will be able to distribute Chilevisión’s existing offerings in sports, entertainment and news to answer the increasing demand for Spanish content across platforms including its premium streaming service Paramount Plus and its top FAST service Pluto TV.

ViacomCBS’s portfolio also includes Channel 5, free-to-air broadcaster Telefe, Network 10, Nickelodeon and Noggin (Nickelodeon’s interacting learning service for preschoolers), MTV, Comedy Central, BET, Paramount Network and ViacomCBS International Studios, among others. With Chilevisión, VCNI will not only expand its footprint in the region via programming but also through multiple on-the-ground events, experiences and an extensive consumer products catalog. VCNI Americas has existing offices in Brazil, Argentina and Colombia.

The transaction between VCNI and WarnerMedia, a division of AT&T, is subject to customary regulatory approvals and closing conditions.