Turner Broadcasting System Completes Acquisition of Claxson Interactive Pay Television Networks in Latin America

October 05, 2007 -- Turner Broadcasting System, Inc. (TBS, Inc.), a Time Warner company, has received formal approval from the Comisión Nacional de Defensa de la Competencia in Argentina for the acquisition of seven pay television networks currently operating in the Latin American market. The official close of the deal was announced today by Louise Sams, president of TBS International and executive vice president and general counsel for TBS, Inc., and Roberto Vivo-Chaneton, chairman and chief executive officer of Claxson. The new channels will be operated by TBS Latin America, under the direction of Juan Carlos Urdaneta, its president.

Valued at approximately $234 million, this acquisition includes the following networks: Fashion TV, HTV, Infinito, I.Sat, MuchMusic, Retro and Space. In addition, TBS Latin America assumes sales representation rights for Claxson- and third party-owned networks in Latin America, and will provide related technical services to these networks.

Through this transaction, Turner Broadcasting's Latin America portfolio now includes 13 wholly owned television networks and 10 represented networks.

"We are pleased to complete this strategic acquisition, which greatly enhances Turner's already compelling portfolio of branded entertainment and news programming," said Sams. "The addition of these networks will not only enhance our current channel offerings, but will also allow us to deliver a whole new range of quality programming genres to audiences throughout Latin America."

Turner Broadcasting's leading pay television networks in Latin America include CNN International, TNT, Cartoon Network, CNN en Español, Boomerang and TCM Classic Hollywood. Collectively, they reach some 107 million households and hotel rooms in the region.

Claxson will maintain its interests in Playboy TV Latin America, Digital Latin America, DMX MUSIC Latin America, as well as its broadband and Internet division. Bear, Stearns & Co. Inc. acted as financial adviser to Claxson on the sale.

Claxson (XSONF.PK) is a multimedia company providing branded entertainment content targeted to Spanish and Portuguese speakers around the world. Claxson has a portfolio of popular entertainment brands that are distributed over multiple platforms through its assets in pay television and the Internet. Headquartered in Buenos Aires, Argentina and Miami, Florida, Claxson has a presence in the United States and all key Ibero-American countries, including without limitation, Argentina, Mexico, Chile, Brazil, Spain and Portugal. Claxson's principal shareholders are the Cisneros Group of Companies and funds affiliated with Hicks, Muse, Tate & Furst Inc.

About Turner Broadcasting System
Turner Broadcasting System, Inc., a Time Warner company, is a major producer of news and entertainment product around the world and a leading provider of programming to the cable television industry.

Source: TBS Latin America, Inc.

Bookmark/Search this post with:

 •    •    •    •    •    •    •    •    •    •    •    •