It has now been confirmed that media powerhouse Viacom Inc. has bought the Argentine broadcaster Telefe. The previous owners, Spanish phone carrier Telefónica, sold the Argentine television station for the tidy sum of US $345 million. This comes as good news for the previous owners who are currently Europe’s most indebted phone company.

Viacom will now completely acquire (including all brands and assets) one of Argentina’s most popular TV networks. Telefe reaches 95% of all households in Argentina with a library of 33,000 hours of content, currently distributed in more than 100 countries in 35 languages. The network will now form part of Viacom’s empire, already including the popular networks of MTV, Nickelodeon, Comedy Central and Paramount Channel.

“Telefe is an outstanding broadcast and production business, and this acquisition will accelerate our growth strategy in Argentina, one of the most advanced and valuable media markets in Latin America” said CEO of Viacom, Bob Bakish.

Viacom have been present in Argentina since 1993 with the introduction of MTV and has held a local office in Buenos Aires since 1995. The control of Telefe will now fall under Pierluigi Gazzolo, President of Viacom Americas.