Turner Completes Claxson Deal
$234 Million Purchase Boosts TBS Latin America Portfolio
By Mike Farrell -- Multichannel News, 10/5/2007 5:07:00 AM
Turner Broadcasting System said it has completed the $234 million purchase of seven Latin America cable networks from Claxson Interactive Group. In a statement Turner said it has received formal approval of the deal from Argentina authorities to acquire Claxson, a multimedia company based in Buenos Aires.
The seven networks – Fashion TV, HTV, I.Sat, MuchMusic, Infinito, Retro and Space will become part of TBS Latin America, headed by Juan Carlos Urdaneta. TBS also assumed sales representation rights for Claxson and third-party owned networks in Latin America and will provide related technical services to those networks. 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.
The deal boosts TBS Latin America’s portfolio to 13 television networks and 10 represented networks.
Bear Stearns served as Claxson’s financial advisor in the deal.
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