Telefe will fall under the direction of Pierluigi Gazzolo, President of VIMN Americas. The acquisition builds on Viacom's long and successful track record of investment in Argentina, beginning with the launch of MTV in 1993. Viacom's portfolio in the market now includes 12 branded pay TV networks, including Nickelodeon, Nick Jr., Comedy Central, Paramount Channel and VH1, among others, reaching audiences from pre-schoolers to adults; a suite of authenticated TV Everywhere mobile apps; multiple on-the-ground events and experiences; and an extensive consumer products catalogue. VIMN has maintained a local office in Buenos Aires since 1995.Terms of the agreement Under the terms of the agreement, Viacom will acquire all of Telefe's brands and assets, including:
- Telefe in Buenos Aires Capital and Gran Buenos Aires , one of the country's leading free-to-air networks, initially launched as Tele Once in 1961. The network's diverse range of programming includes Educando a Nina, Loco x Vos, Susana Giménez, Pesadilla en la Cocina and Telefe Noticias.
- Eight wholly-owned channels in the interior of the country, including Canal Cinco in Rosario, Canal Siete in Neuquén, Teleocho in Córdoba, Canal Ocho in Mar del Plata, Canal Ocho in Tucumán, Canal Nueve in Bahía Blanca, Canal Once in Salta and Canal Trece in Santa Fe
- Telefe Internacional, a pay TV channel seen throughout the Americas and distributed globally to ten million subscribers across 17 countries
- Significant multiplatform presence through applications such as Mi Telefe (My Telefe) and Telefe Noticias (Telefe News), a multi-channel network called UPlay founded by Telefe and an e-commerce partnership with Mercado Libre
- Twelve production studios which have a combined total of 12,000 m 2 of production space
- A library of over 33,000 hours of content currently distributed in more than 100 countries in 35 languages
UBS Investment Bank served as financial advisor to Viacom Inc., while M.& M. Bomchil and Shearman & Sterling served as its legal advisors. Citigroup served as financial advisor to Telefónica, while DLA Piper and A & F Allende Ferrante served as its legal advisors.About Viacom Viacom is home to premier global media brands that create compelling television programs, motion pictures, short-form content, apps, games, consumer products, social media experiences, and other entertainment content for audiences in more than 180 countries. Viacom's media networks, including Nickelodeon, Comedy Central, MTV, VH1, Spike, BET, CMT, TV Land, Nick at Nite, Nick Jr., Channel 5 (UK), Logo, Nicktoons, TeenNick and Paramount Channel, reach over 3.9 billion cumulative television subscribers worldwide. Paramount Pictures is a major global producer and distributor of filmed entertainment. About Telefónica Telefónica is one of the largest telecommunications companies in the world by market capitalization and number of customers with a comprehensive offering and quality of connectivity that is delivered over world class fixed, mobile and broadband networks. As a growing company it prides itself on providing a differential experience based both on its corporate values and a public position that defends customer interests. The company has a significant presence in 21 countries and almost 350 million accesses around the world. Telefónica has a strong presence in Spain, Europe and Latin America, where the company focuses an important part of its growth strategy. Telefónica is a 100% listed company, with more than 1.5 million direct shareholders. Its share capital currently comprises 4,900,571,209 ordinary shares traded on the Spanish Stock Market and on those in London, New York, Lima, and Buenos Aires. About Telefe Telefe is a leader in the production, distribution and sale of content and multiplatform services in Argentina. It holds nine broadcast TV licenses and two channels; one national and one International with more than 10 million subscribers. For 26 years, Telefe has maintained its leadership position with high quality content. With more than 12,000 m 2 of production space, it produces its own content as well as produces for third parties, both nationally and internationally. It is present on all continents as one of the most recognized producers of Spanish-language content, currently distributed in more than 100 countries. Viacom Cautionary Statement Concerning Forward-Looking Statements This news release contains both historical and forward-looking statements. All statements that are not statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements reflect our current expectations concerning future results, objectives, plans and goals, and involve known and unknown risks, uncertainties and other factors that are difficult to predict and which may cause future results, performance or achievements to differ. These risks, uncertainties and other factors include, among others: the effect of uncertainty stemming from ongoing transitions involving our board of directors and management and related changes in strategy, including a potential business combination with CBS Corporation; the public acceptance of our brands, programs, motion pictures and other entertainment content on the various platforms on which they are distributed; the impact of inadequate audience measurement on our program ratings and advertising and affiliate revenues; technological developments and their effect in our markets and on consumer behavior; competition for content, audiences, advertising and distribution; the impact of piracy; economic fluctuations in advertising and retail markets, and economic conditions generally; fluctuations in our results due to the timing, mix, number and availability of our motion pictures and other programming; the potential for loss of carriage or other reduction in the distribution of our content; changes in the Federal communications or other laws and regulations; evolving cybersecurity and similar risks; other domestic and global economic, business, competitive and/or regulatory factors affecting our businesses generally; and other factors described in our news releases and filings with the Securities and Exchange Commission, including but not limited to our 2016 Annual Report on Form 10-K and reports on Form 10-Q and Form 8-K. The forward-looking statements included in this document are made only as of the date of this document, and we do not have any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances. If applicable, reconciliations for any non-GAAP financial information contained in this news release are included in this news release or available on our website at http://www.viacom.com.