Spanish media house Admira and JP Morgan have finalised the long-mooted sale of Argentina's Azul TV to Argentine consortium HFS Media SA.
The sale was prompted by an Argentine regulation which prohibits a single company from owning more than one television channel locally. Admira, the media arm of Spanish telecoms giant Telefonica, also owns Argentine broadcaster Telefe.
HFS Media is a consortium formed by local media magnates Daniel Hadad, Fernando Sokolowicz and Benjamin Vijnovsky. Hadad also owns leading radio stations Diez and La Mega, financial paper BAE and production company Grupo Kein.