NEW YORK: Viacom has confirmed that it is buying Argentina broadcaster Telefe for $345 million.

SILVER SPRING: Discovery Communications' third-quarter profit dropped by 22 percent to $219 million on stable revenues of $1.56 billion.

NEW YORK: Viacom International Media Networks chief Bob Bakish has been named acting president and CEO at Viacom, succeeding Tom Dooley.

Recaps some of the highlights to come out of this year's market.

CANNES: Shonda Rhimes was interviewed by World Screen’s Anna Carugati on the Grand Auditorium stage for her MIPCOM Personality of the Year keynote, discussing her evolution as a writer and showrunner and her approach to the creative process.

Mediaset’s Zelda Stewart, Stan’s Mike Sneesby, UKTV’s Alexandra Finlay and Bonnier Broadcasting’s Cathrine Wiernik participated in a MIPCOM session moderated by Anna Carugati.

CANNES: A range of production, broadcast and distribution executives took part in the inaugural Diversity Summit at MIPCOM.

CANNES: Ben Sherwood, the president of Disney/ABC Television Group, delivered a keynote at MIPCOM today before sitting down for an interview with World Screen’s Anna Carugati on stage in the Grand Auditorium.

CANNES: Susanne Daniels, the global head of content for YouTube, discussed the platform’s original programming strategy during her MIPCOM keynote, unveiling new shows from Doug Liman, Dan Harmon and Dwayne Johnson.

CANNES: MIPCOM delegates were able to preview an episode of the National Geographic Channel series MARS at MIPCOM, with the screening followed by a panel moderated by World Screen’s Anna Carugati and featuring executive producer Justin Wilkes and author Stephen Petranek, among others.