Paramount Skydance confirmed Friday it reached an agreement to sell its controlling stake in Chilean free-to-air television channel Chilevision to Vytal Group.
The transaction marks a significant retreat from traditional broadcasting in Latin America as the merged entertainment giant focuses resources on expanding its direct-to-consumer streaming operations across key regional markets.
The sale represents part of a broader portfolio restructuring strategy that includes workforce reductions and asset divestitures across multiple countries.
Paramount Skydance announced Monday it would eliminate approximately 1,600 positions while divesting both Chilevision and its Argentine television network Telefe, which operates broadcast stations in Buenos Aires and several other markets throughout the country.
Who Is Behind the Vytal Group Acquisition
The acquisition will be led through a holding company controlled by three prominent media executives with deep roots in Latin American television.
Tomas Yankelevich, an Argentine media executive and television producer with extensive regional experience, will head the controlling entity alongside Jorge Carey, the current owner of CNN Chile, and Edgar Spielmann, bringing together complementary expertise in content production, news broadcasting, and media operations.
Vytal Group's structure positions the new ownership team to leverage existing relationships within Chilean media while maintaining operational continuity during the transition period.
The combination of Carey's established presence in Chilean news media through CNN Chile and Yankelevich's production background suggests a strategy focused on content quality and market positioning rather than dramatic operational changes in the near term.
Did you know?
Chilevision, founded in 1960 by the University of Chile, is the third oldest television network in the country and currently ranks as the most trusted brand in Chile, reaching 87.3% of the population with its news and entertainment programming.
Why Is Paramount Exiting Chilean Broadcasting
Paramount Skydance's decision to exit traditional broadcasting in Chile reflects a fundamental strategic pivot toward streaming platforms that generate recurring subscription revenue.
The company explicitly stated that the sale supports its goal of streamlining global operations while channeling investment into direct-to-consumer services across Latin America, where Paramount Plus has been significantly expanding its sports and entertainment content offerings.
The timing coincides with broader cost-cutting measures across the newly merged entity following the August 2025 completion of Skydance Media's acquisition of Paramount Global.
Beyond the Chilevision and Telefe sales, the company disclosed that 600 employees accepted voluntary buyout packages following return-to-office mandates, indicating multiple simultaneous efforts to reduce operational expenses and refocus business priorities on higher-margin digital distribution channels.
What Does This Mean for Chilevision Operations
Chilevision will continue normal operations under Paramount Skydance management until the transaction receives regulatory approval from Chilean authorities and officially closes.
The channel, which currently holds the top position as Chile's most trusted broadcast brand and ranks first in viewership according to some measurements, will maintain its existing programming schedule, including popular talk shows, newscasts, and local adaptations of international formats during the transition period.
The regulatory review process in Chile will examine the transaction's ownership structure and competitive implications before granting final approval.
Once completed, the new ownership team will assume control of a network that reaches over 87 percent of Chile's population and competes directly with rival broadcaster Mega for audience share in a market where traditional television still commands significant viewership despite the growth of streaming platforms.
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How Does This Fit Paramount's Global Strategy
The Latin American asset sales align with Paramount Skydance's public commitment to position Paramount Plus as the primary content distribution platform in high-growth international markets.
Recent announcements include a seven-year expanded partnership with UFC, bringing all numbered events and fight nights to Paramount Plus subscribers across Latin America and Australia, demonstrating the company's intention to compete through premium streaming content rather than traditional broadcast infrastructure.
Chilevision's sale follows Paramount's October 2025 divestiture of Telefe to Argentine businessman Gustavo Yankelevich, suggesting a coordinated exit from its owned-and-operated television stations throughout South America.
The company appears to be replicating strategies employed by other global media companies that have shed legacy broadcasting assets to concentrate capital and management attention on digital platforms with greater scalability and international reach potential.
What Happens Next for Chilean Television
The transaction's completion timeline depends entirely on how quickly Chilean regulatory authorities review and approve the ownership transfer to Vytal Group.
Both parties will need to satisfy any conditions imposed by regulators before finalizing the deal and transferring operational control.
However, specific regulatory concerns or approval timeframes have not been publicly disclosed by either Paramount Skydance or the acquiring group.
For Chilean viewers and the broader television market, the ownership change introduces questions about programming strategy, investment levels, and competitive positioning against both traditional broadcasters and streaming platforms.
The new ownership team's combination of production expertise, news media experience, and local market knowledge will be tested as they navigate an evolving media landscape where audiences increasingly split their attention between linear television and on-demand digital services that continue to gain subscriber momentum across Latin America.
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