Chile President Sebastian Pinera is making good on his promise to divest business interests after taking office with the assistance of Time Warner, which has agreed to acquire his Chilevision television channel.
According to Bloomberg, TW already has a stake in CNN Chile, and will operate Chilevision through its related Turner Broadcasting System operating unit. Bloomberg said TW sees it as an opportunity to make further use of its wealth of program content in a new market.
Pinera has also divested his stake in Lan Airlines SA, said to be the largest airline in South America.
Bloomberg did not have a price for the deal, but an earlier Reuters report quoted an anonymous source pegging it in the $150M range.