The shareholders of Buenos Aires-based media conglomerate Grupo Clarin have approved the ‘split-up’ of the company’s equity interest in Cablevision – the subsidiary that operates its cable TV, broadband and data transmission businesses – into a new Argentine corporation under the name of Cablevision Holding. Grupo Clarin will retain all assets and liabilities, and continue to run the operations of its remaining business segments, not specifically allocated to Cablevision Holding.
The official separation remains subject to obtaining certain regulatory authorisations, approvals and consents, as applicable, including from the Argentine Securities Commission (Comision Nacional de Valores (CNV), the Buenos Aires Stock Market (Mercado de Valores de Buenos Aires, Merval and the City of Buenos Aires Registry of Public Commerce (Inspeccion General de Justicia de la Ciudad Autonoma de Buenos Aires). Grupo Clarin aims to complete the proposed transaction during the first quarter of 2017.
Going forward, Cablevision Holding will apply to have its shares listed on the Merval, and may apply to list its shares on one or more additional foreign stock exchange.