In a strategic move to streamline its global media portfolio, Paramount Skydance (PSKY.O) has announced plans to sell its shares in the entities controlling the Chilean free-to-air television channel Chilevision to Vytal Group, a consortium of investors led by prominent media executives. The deal is part of Paramount Skydance’s broader strategy to focus on direct-to-consumer streaming services in key Latin American markets.
Key Details of the Sale
The sale of Chilevision will be spearheaded by a holding company controlled by Argentine media executive and television producer Tomas Yankelevich, alongside Jorge Carey, the current owner of CNN Chile, and Edgar Spielmann. Paramount Skydance confirmed in an official statement that Chilevision will continue normal operations until the deal is finalized, which will remain subject to regulatory approval by Chilean authorities.
The transaction reflects Paramount Skydance’s ongoing effort to optimize its operations in the region and invest more heavily in digital streaming platforms, where consumer demand continues to grow.
Implications for Chilevision and Employees
Until the acquisition is completed, Chilevision will remain under Paramount Skydance management, ensuring continuity of programming and operations. However, the company has indicated that the sale is part of a wider restructuring initiative in Latin America, which has already led to significant workforce reductions.
Earlier this month, Paramount Skydance announced a reduction of approximately 1,600 jobs as part of its divestment from Telefe in Argentina—a move that also impacts its operations in Buenos Aires and other regional markets. The divestitures, including the Chilevision sale, signal a deliberate shift toward consolidating resources for more targeted growth in streaming and direct-to-consumer services.
Strategic Focus on Streaming Services
Paramount Skydance’s divestment of traditional broadcast assets in Latin America aligns with a global trend in the media industry, where companies are prioritizing digital and streaming-first strategies over linear television networks. By reallocating resources to streaming, Paramount Skydance aims to compete more effectively in the fast-growing market for on-demand content in the region.
Analysts suggest that the sale of Chilevision could enhance the company’s focus on content delivery via platforms like Paramount+, improving subscriber growth while reducing the operational complexity associated with managing traditional TV networks across multiple countries.
Conclusion
The sale of Chilevision to Vytal Group marks another step in Paramount Skydance’s ongoing transformation in Latin America. By divesting from legacy broadcast assets and emphasizing direct-to-consumer streaming, the company is positioning itself to capture the rapidly evolving entertainment market. The move also underscores the growing influence of regional media investors, such as Tomas Yankelevich and Jorge Carey, in shaping the future of Latin American television.
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