US offer for Grupo Clarín TV

Argentine media giant Grupo Clarín is considering an offer to sell its TyC and an additional six cable TV channels to a US investor for $31.5 million, as part of its plans to adjust to new legislation that seeks to break up the company.

The potential buyer is  New York-based 34 South Media, owned by businessman Alexander Silverman, who is known for investments in the entertainment, media and events organisation industries.

The offer was reportedly made last week during a shareholders’ meeting, which was also attended by representatives of Argentina’s national social security agency Anses.

If accepted, the offer would include $21.8 million for 100 per cent of IESA, with a payment of $6.54 million at the time of closing the deal and three yearly quotas of $5.08 million, plus $9.2 million for signals as well as other payments, making up a total of $31.5 million.

The offer will be readdressed during a board meeting scheduled for July 11th.

Posted by on Jul 2 2014. Filed under Articles, Broadcast, Business, Cable, M&A.

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