Argentinian media conglomerate Grupo Clarin has confirmed a deal to sell seven pay-television channels, including TyC Sports, to US investment fund 34 South Media.
The deal is worth about US$31m (€23m), according to local media reports which said that Clarin had informed the Argentinian Stock Exchange about the transaction. The agreement includes non-sports channels Volver, Quiero Música en mi Idioma, Magazine, Canal 13 Satelital, Canal Rural and TyC Max.
Clarin shareholders will vote on the sale on September 22.
Clarin had originally planned to break up its operations into six different companies, in order to comply with new regulations in Argentina concerning media licence ownership. The deadline for Clarin to reorganise its properties expired on August 17.
President Cristina Fernandez' anti-monopoly media law was passed in 2009 and upheld by the Supreme Court last year.