The board of directors of Buenos Aires-based media conglomerate Grupo Clarin has approved a ‘split-up’ (‘escision’) of its equity interest in its Cablevision subsidiary, into a new corporation named Cablevision Holding. Grupo Clarin will retain all assets and liabilities, and continue the operation of its remaining business segments. The proposed escision is subject to the final approval of Grupo Clarin’s shareholders, and an extraordinary meeting has been convened for 28 September 2016 to consider and vote on the split-up and related matters. The process is also subject to obtaining certain regulatory authorisations, approvals or consents. Grupo Clarin aims to complete the transaction during the first quarter of 2017. Upon completion, the parent company expects that the shares of the new business will be listed on the Buenos Aires Stock Market (Mercado de Valores de Buenos Aires, Merval), and on one or more foreign stock exchange.
Grupo Clarin vice chairman, Alejandro Urricelqui, commented: ‘The split-up will allow us to better focus on the respective vision and strategy for each of our core businesses … [Cablevision Holdings] 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.’