Grupo Clarín to Sell TyC Sports, Plus Six Other Pay-TV Channels

BUENOS AIRES: According to local media, Grupo Clarín informed the Argentinean Stock Exchange that it will sell a total of seven pay-TV channels, including TyC Sports, to the U.S. investment fund 34 South Media in a deal worth around $31 million.

Through the transaction, Grupo Clarín discards its previously announced strategy to retain those signals, including the already mentioned TyCSports, along with Volver, Quiero Música en mi Idioma, Magazine, Canal 13 Satelital, Canal Rural and TyC Max.

The buyer, 34 South Media, is based in New York. Owner Alexander Silverman is a businessman who invests in the entertainment, media, press and event organizers.

Grupo Clarín also filed a brief in the offices of the Federal Authority for Audiovisual Communication Services listing all administrative actions taken to comply with the detailed adaptation plan.

According to local sources, the date given to Grupo Clarín to fulfill its split into six divisions had expired on August 17. However, before the legal date’s expiration, company representatives argued that of the six units, two of them would be handed to the existing shareholders of the group, two parts would be sold to North American funds (a part of Cablevisión) and two others would be left in the hands of Grupo Clarín partners.

September 22 has been set as the date when shareholders will meet to ratify the sale of the seven pay-TV channels to 34 South Media.