MTV Networks to Boost Argentine Operations

BUENOS AIRES, May 22: As
part of its regionalization strategy, MTV Networks Latin America is expanding
its operations in Buenos Aires, Argentina, announcing an investment of some $76
million over the next five years.

The investment will be
used for new office and studio space, the creation of an estimated 200
positions, audio, video and information technology equipment, local production
and the local outsourcing of a variety of services such as administrative
support, advertising, on-air talent, event production and other activities.

Buenos Aires will now
serve as a creative hub for MTV, VH1 and Nickelodeon in the region, responsible
for a portion of the company's programming production as well as all of its
on-air creative, dubbing and customization services for all Spanish-speaking
markets in the region. The company's digital media business will also be
serviced and administered pan-regionally from the Argentina hub.

“We are extremely happy
with our regionalization efforts and the positive feedback it has generated
throughout the company,” commented Pierluigi Gazzolo, the president of MTV
Networks Latin America. “The high-quality production and services the Argentina
group is providing our teams in Mexico and Brazil is very encouraging and
confirms Argentina's potential as an extremely valuable market for both creative
and multimedia expertise.”

MTVN Argentina will lend
support to the creative initiatives of MTV Networks International through the
establishment of the Buenos Aires Design Studio, which will contribute to the
development and production of MTV International's “look and feel” around the
world.

“Exporting Argentina's
creativity reinforces our commitment to create best-in-class content for our
audience," commented Bob Bakish, the president of MTVNI. "We are
confident that MTVN Argentina's increased local presence and the BA Design
Studio will have a significant and positive impact on Argentina’s growing
entertainment industry.”

—By Mansha Daswani