Viacom to Buy Telefonica’s Telefe for About $400 Million
- Agreement is said to be announced as soon as this week
- Acquisition would bolster media giant’s international unit
Employees stand in a window next to Viacom Inc. signage at the company's headquarters in the Times Square area of New York, U.S., on Saturday, Feb. 6, 2016. Viacom is scheduled to report earnings figures on February 9.
Photographer: John Taggart/BloombergViacom Inc., owner of cable networks including MTV and Comedy Central, won a bidding process to acquire Argentine broadcaster Television Federal SA from phone carrier Telefonica SA, according to people familiar with the matter.
The media giant outbid Time Warner Inc. and the Cisneros Group, which controls Venezuelan network Venevision, the people said. The deal, valued at about $400 million, could be announced as soon as this week, said one of the people, who asked not to be identified discussing private information. The transaction will still require regulatory approval, the person said.