Business

ViacomCBS to pick up majority stake in Fox TeleColombia and Estudios TeleMexico

The move will help the media giant bolster its Americas portfolio, which includes streaming services Paramount+ and Pluto TV, Argentine broadcaster Telefe as well as Chilean broadcaster Chilevision

Photo: REUTERS/Brendan McDermid
  • The terms of the transaction were not disclosed.;
  • The company has earlier said it sees Latin America as one of its fastest growing markets.

ViacomCBS said on Thursday it will acquire a majority stake in Spanish language broadcasters Fox TeleColombia and Estudios TeleMexico from Walt Disney, to boost its streaming audience in Latin America.

The terms of the transaction were not disclosed.

READ ALSO: ViacomCBS to buy Chilevision from WarnerMedia targeting expansion in Latin America

The move will help the media giant bolster its Americas portfolio, which includes streaming services Paramount+ and Pluto TV, Argentine broadcaster Telefe as well as Chilean broadcaster Chilevision.

As part of the deal, the company said it will gain access to Fox TeleColombia and Estudios TeleMexico’s studio operations in both Colombia and Mexico, and hours of library content including premium series, telenovelas, films, documentaries, unscripted shows, and live sports.

READ ALSO: Paramount Plus lands in Latin America: deep catalog and fresh originals to face Netflix and Disney Plus

The company has earlier said it sees Latin America as one of its fastest growing markets.

Streaming platforms, which witnessed a boom during the COVID-19 pandemic are increasingly investing in content and international expansion as the U.S market saturates and competition intensifies.

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