Viacom Inc. on Tuesday said it's agreed to buy Argentina-based TV network operator Television Federal S.A. (Telefe) for $345 million in cash. Telefe reaches 95% of all households in Argentina, according to a news release and the network produces more than 3,000 hours of Spanish-language video content each year. Telefe also has a library of 33,000 hours of local content. Viacom, which operates MTV, Nickelodeon, Comedy Central and Paramount Pictures, hopes this acquisition can help strengthen Viacom International Media Networks position in Latin America. Shares of Viacom are down more than 6% in the year to date, underperforming the S&P 500 Index , which is up more than 6%.
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