AOL joins bidding for Telemundo - Aug. 30, 2001

News > Deals

AOL in for Telemundo?

August 30, 2001: 5:06 p.m. ET

CNN parent joins Viacom, NBC in bidding war, newspaper reports

NEW YORK (CNNfn) - AOL Time Warner Inc. has entered the bidding war for Spanish language television company Telemundo Communications Group Inc., a press report said Thursday.

New York-based AOL Time Warner (AOL: down $2.50 to $36.00, Research, Estimates), parent of CNNfn.com, will be up against rival bidders Viacom Inc., NBC and Hispanic Broadcasting Co., the Wall Street Journal reported in its online edition.

All four companies have signed confidentiality agreements, the WSJ.com said, which pegged any potential deal as being worth more than $3 billion.

Press reports said earlier this month that NBC was considering making a "serious" bid for Telemundo.

Sony and Liberty Media own 78 percent of Miami-based Telemundo, which provides 24 hours of programming to dozens of markets and reaches about 85 percent of Hispanic households in the United States.

Officials from AOL and Telemundo declined to comment while Sony and Liberty Media could not be reached for comment.

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