Argentina’s Grupo Clarin is to sell its 7 cable TV channels to a US investment firm for $31.5 million. The move is part of its retreat from some aspects of its business as dictated by Argentina’s media laws.
The offer has to be approved by shareholders (due on September 22nd).
The potential buyer is 34 South Media, controlled by Alexander Silverman, and if the bid is accepted will take control of TyC Sports, TyC Max, Canal Rural, Canal 13 Satelital, Volver, Magazine and Quiero Musica.
Argentina’s media plurality rules state that no media company may have more than 10 FTA channels and 24 licences to operate pay-TV services. Additionally, a media company cannot hold a FTA license and a cable TV licence in the same city.