To expand its streaming audience in Latin America, ViacomCBS said on Thursday that it will buy a majority stake in Spanish language broadcasters Fox TeleColombia and Estudios TeleMexico from Walt Disney.

The transaction's terms were not made public.

The move will help the media conglomerate expand its Americas portfolio, which already includes streaming services Paramount+ and Pluto TV, as well as Argentine broadcaster Telefe and Chilean broadcaster Chilevision.

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The business said it will acquire access to Fox TeleColombia and Estudios TeleMexico's studio operations in Colombia and Mexico, as well as hours of library content such as premium series, telenovelas, films, documentaries, unscripted shows, and live sports, as part of the arrangement.

Latin America is one of the company's fastest-growing markets, according to previous statements.

As the US market saturates and competition heats up, streaming services, which had a surge during the COVID-19 pandemic, are increasingly investing in content and worldwide development.