DLA Piper represented Telefónica S.A. in the sale of Television Federal S.A. (Telefe) in Argentina to Viacom, Inc. for US$ 345 million. Telefe, one of the most popular television networks and biggest content producers in Argentina, reaches 95 percent of all households in Argentina.

The cross border transaction is a significant step towards Telefónica's asset portfolio management strategy and commitment to being a key player in the development of digital connectivity in Argentina. Since its arrival in Argentina 26 years ago, Telefónica, which manages 26.8 million subscribers in the country, has invested approximately 15 billion euros in infrastructure, including spectrum capital expenditures.

The DLA Piper team was led by Margaret Civetta and included Charles Carroll, Bradford McCormick, Gerald Rokoff and Kurtis Weaver (all in New York) and Rita Patel (of the DC office).