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Time Warner eyes Chile expansion

Time Warner has acquired a Chilean TV network, Chilevision, after its purchase of holding company Bancard Inversiones from the country’s new president.

The estimated $150m deal with billionaire Sebastián Piñera sees Time Warner extend its presence in the market. It already owns a stake in local cable news channel CNN Chile, but this acquisition represents its first foray into the world of free-to-air broadcasting in the country. 

For Time Warner, the deal is part of a strategy that has seen it invest in emerging international markets, including the purchases of Indian entertainment network NDTV for $126.5m and central and eastern European broadcaster CMF.

In the run-up to national elections last January, Chilean president Piñera had pledged to shed his business assets, which also includes a stake in national airline LAN.

Josh Colley, London