Nov 14 (Reuters) - Paramount Skydance ( PSKY ) on Friday

said it has agreed to sell its shares in the entities that

control Chilean free-to-air TV channel Chilevision to Vytal

Group.

The sale is part of Paramount Skydance's ( PSKY ) strategy to

streamline its global portfolio and expand direct-to-consumer

services in key Latin American markets.

The deal will be led by a holding company controlled by

Argentine media executive and television producer Tomas

Yankelevich, along with Jorge Carey, the current owner of CNN

Chile, and Edgar Spielmann, Paramount Skydance ( PSKY ) said in a

statement.

Until the deal is closed, Chilevision will continue

operations under Paramount Skydance ( PSKY ). It will be subject to

review and approval by regulatory authorities in Chile.

The company on Monday said it will reduce its workforce by

about 1,600 jobs as it divests Telefe in Argentina, which

operates television stations in Buenos Aires and other markets,

and Chilevision.