Turner starts due diligence process for possible acquisition of Telefe


Argentine newspaper La Nación reported that Turner has started a due diligence process for the possible acquisition of free-to-air channel Telefe (Telefónica). The amount of the transaction would be around USD 300 million.


According to La Nación, the Argentine Government would have no objection to the operation, which would not pose any problem with the existing legal framework. Rumors about the sale of Telefe Turner began circulating earlier this year.


The US media company has experience in free-to-air TV. In Chile, Turner owns since 2014 the national network Chilevisión, which was acquired for USD 140 million to former president of the country Sebastián Piñera.


However, two other groups are also mentioned as possible buyers. One of them is the Cisneros Group, the owner of Venevisión, among other media businesses. The other one is Viacom, the US conglomerate, owner of pay TV channels like MTV and VH1. “This is a long, complex process and very fought by several groups”, told La Nación a source involved in the negotiations.


In Argentina, Turner has a production and distribution center that operates for Latin America, employing about 800 people. In Argentina, the company also intends to buy domestic soccer TV rights.