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Viacom is reportedly readying to buy Argentina-based broadcaster Telefe. Bloomberg News broke the story, saying that Telefe (Televsion Federal SA), owned by Spain’s Telefonica, would be bought by Viacom for about $385 million (€347.7m).
Telefe operates Argentina’s most-watched TV network and is famous for producing many of the high-profile and melodramatic Telenovelas that are extremely popular throughout the Latino broadcasting world.
Spain’s Telefonica is Europe’s most indebted telephone company and is widely seen as seeking to raise cash and cut borrowings.