Grupo Clarín to Separate Cable TV & Internet Businesses

BUENOS AIRES: Grupo Clarín is planning to split up its equity interest in Cablevisión, the subsidiary that operates its cable television, internet and data transmission businesses, into a new Argentine corporation under the name of Cablevisión Holding (CVH).

Grupo Clarín will retain all assets and liabilities, and continue with all the activities and operations of its remaining business segments. A meeting with Grupo Clarín’s shareholders has been convened for September 28 to consider and vote on the separation and related issues.

Grupo Clarín’s vice chairman, Alejandro Urricelqui, said: “The split-up will allow us to better focus on the respective vision and strategy for each of our core businesses. As a result, each of Grupo Clarín and CVH will be able to develop independent growth strategies and objectives tailored to the demands of each of the company’s particular markets. A complete split-up of CVH will provide greater transparency for our shareholders with independent administrations overseeing each of the operations while allocating the proper resources needed to continue growing our businesses well into the future. CVH will further benefit from being a stand-alone public company in the attractive telecommunications, cable television and internet sector, where we see a significant growth opportunity and opportunities for investments.”