A new TV network joint venture between ABC News and Univision News, targeting the young and fast-growing Hispanic market in the United States, will begin broadcasting out of Miami in late summer of 2013, company officials announced on Wednesday.
The two companies are investing $275 million in the new English-language news and lifestyle network, which will create about 350 jobs, Cesar Conde, president of Univision Networks, told a luncheon of Miami business leaders also attended by Florida Gov. Rick Scott.
"The new ABC-Univision network will be headquartered in a state-of-the art facility and will retain and attract the very best talent in the industry," Conde said.
In the lead-up to the launch, the two companies explored locations in New York, Houston and Los Angeles, before opting to put the new network's production facilities in Miami, where Univision already has its headquarters.
The companies each own 50 percent of the venture and will share operating costs. The networks are banking on an exploding Hispanic population across the country to fuel the channel's growth. Hispanics currently number about 52 million in the United States, representing about 16 percent of the population, with that number expected to grow to 30 percent by 2050. READ MORE
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