ViacomCBS is expanding into Latin America

ViacomCBS (Nasdaq: VIAC) Inc. announced on Monday that it had agreed to purchase Chilevision from AT&T (NYSE: T) Inc., which is owned by WarnerMedia. The acquisition will strengthen ViacomCBS's portfolio in North and South America, which also includes the streaming services Paramount + and Pluto TV as well as the Argentine broadcaster Television Federal SA (Telefe). Streaming platforms, which experienced a boom during the COVID-19 pandemic, are increasingly investing in content in order to attract and retain more subscribers in an intense competition. Chilevision, which broadcasts news programs, talk shows, and soap operas, drew nearly a quarter of all television viewers in Chile in 2020, according to ViacomCBS. "Latin America is one of the fastest growing streaming markets in the world and Chilevisión will be a major driver of our accelerated streaming strategy in the region," said Raffaele Annecchino, President and CEO of ViacomCBS Networks International. In 2010, WarnerMedia - then called Time Warner Inc. (NYSE: TWX) - acquired Chilevision from Chilean President Sebastian Pinera in a deal valued at $ 150 million.