SANTIAGO (Reuters) – Chilean President Sebastian Pinera has sold his television network Chilevision to media conglomerate Time Warner Inc, his holding company said on Wednesday, in a deal worth an estimated $150 million.
Pinera's holding company Bancard said in a statement it agreed to the sale of 100 percent of Chilevision's shares to a unit of Time Warner's Turner International.
Turner division president Juan Carlos Urdaneta will operate the network, Time Warner said in a statement.
For Time Warner, the Chilevision deal marks a further push into the fast-growing markets of Latin America. Time Warner bought seven pay television networks in the region operated by Claxson Interactive Group in 2006, in a deal valued at $235 million.
Pinera, a self-made billionaire, vowed to sell his main business interests, like Chilevision and his major share in Chile's main airline, LAN, before assuming the presidency in March. He has already sold his stake in LAN.
Citigroup served as Time Warner's financial adviser.
Shares of Time Warner dipped 0.7 percent to $29.60 in morning trade on the New York Stock Exchange.
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