The deal to buy the Spanish-language broadcaster and producer is part of Viacom's plan to boost its presence in Argentina and Latin America.
Viacom Inc, the owner of Comedy Central, Nickelodeon and MTV, said on Tuesday it would buy Argentine broadcaster Television Federal SA (Telefe) from telecom carrier Telefonica SA for $345 million in cash.
The deal to buy the Spanish-language broadcaster and producer is part of Viacom’s plan to boost its presence in Argentina and Latin America.
Viacom’s international media networks business has been a bright spot for the company, which has been struggling with declining ad revenue and ratings.
Bob Bakish, who headed Viacom’s international business, took over as the company’s interim chief executive on Tuesday, replacing Tom Dooley.
Viacom launched MTV in Argentina in 1993. The company has 12 pay-TV networks, including Nickelodeon, Nick Jr, Comedy Central, Paramount Channel and VH1, in the country.
Telefe reaches 95 percent of all households in Argentina, with about 26.8 million subscribers. The broadcaster will be led by Pierluigi Gazzolo, president of VIMN Americas.
Bloomberg first reported the deal earlier this month.
The deal, which is subject to regulatory approvals, is expected to add to Viacom’s fiscal 2017 earnings.
UBS Investment Bank was Viacom’s financial adviser, and M.& M. Bomchil and Shearman & Sterling served as its legal adviser.
Telefónica was advised by Citigroup and DLA Piper and A & F Allende Ferrante provided legal counsel.