August 17, 2016 / 12:47 PM / 2 years ago

Argentina's Clarin announces spinoff of Cablevision unit

BUENOS AIRES, Aug 17 (Reuters) - Grupo Clarin, Argentina’s biggest media conglomerate, will spin off its Cablevision internet, cable TV and data transmission subsidiary into a new corporation under the name of Cablevision Holding SA, the company said late on Tuesday.

The proposed “split-up” is subject to approval of Grupo Clarín’s shareholders. An extraordinary meeting of holders has been set for Sept. 28, the statement said.

The government is changing regulations to allow telephone companies such as Telecom Argentina and Telefonica to compete with companies like Clarin in the television market.

“Cablevision Holding will further benefit from being a stand-alone public company in the attractive telecommunications, cable television and internet sector where we see a significant growth opportunity and opportunities for investments,” the statement said. (Reporting by Hugh Bronstein; Editing by Jeffrey Benkoe)

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