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ViacomCBS to pick up majority stake in Fox TeleColombia and Estudios TeleMexico -Breaking

by Mike Robinson

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© Reuters.

(Reuters) – ViacomCBS(NASDAQ:) Inc stated on Thursday that it will buy a majority stake Spanish broadcasters Fox TeleColombia from Walt and Estudios TeleMexico. Disney Co., in Latin America to expand its streaming audience.

The transaction terms were not disclosed.

The media mogul will use the move to increase its Americas portfolio. This includes streaming services Paramount+ as well as Pluto TV.

The company also said that it would have access to Fox TeleColombia’s and Estudios TeleMexico’s studio operations in Colombia and Mexico. It will also be able to access hours of library content, including premium series, films, documentaries and unscripted sports.

The company previously stated that Latin America is one of the fastest-growing markets.

Streaming platforms which saw an explosion during the COVID-19 epidemic are investing in content, international expansion and other business activities as the U.S. market gets saturated and the competition heats up.

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