Time Warner Takes Chilevision

Turner International, a unit of US-based media conglomerate Time Warner, has agreed to acquire television channel Chilevision from Bancard, an investment firm controlled by Chilean president Sebastian Pinera. A price was not disclosed, but bankers in Chile estimate the buyer may have paid around $140m. Chilevision went back on the auction block after private equity firm Linzor Capital, which operates in Chile and Argentina, opted not to go through with a $130m offer in May. LarrainVial advised Bancard, while Barros & Errazuriz provided legal advice, Bancard says. Citi was the buyer’s financial advisor and Cariola, Diez, Perez-Cotapos gave legal advice. The deal is part of Pinera’s campaign promises to sell certain business interests, including a stake in airline LAN.