Telemundo forms prod'n company with RTI
Producciones RTI will focus on exports of telenovels, seriesMEXICO CITY -- U.S. Spanish-language network Telemundo said Tuesday that it has formed a production company with its Colombian partner RTI in a move to boost worldwide exports.
NBC Universal's Telemundo purchased a 40% stake in RTI for an undisclosed amount, while RTI holds the remaining 60%. Financial terms of the venture, dubbed Producciones RTI, were not disclosed.
Before the deal, Telemundo was producing about 300 hours of content a year with the Bogota-based TV producer. Together the two companies have produced such hits as "Sin Senos no hay Paraiso" and "Zorro: La Espada y la Rosa."
Producciones RTI will focus on producing telenovelas and series for export to the U.S., Latin America, Europe and Asia. Telemundo expects to produce about 500 hours of programming a year out of Colombia.
Telemundo president Don Browne said the deal represents an important milestone in the growth of Telemundo as a leading Spanish-language content producer.
Currently in preproduction at Telemundo Studios' Colombia facility are "La Reina del Sur" and "El Clon," a remake of a popular Brazilian soap with TV Globo.
"Now Telemundo has its own operation in Colombia and we're in a stronger position to do bigger projects for Telemundo and the world," said Patricio Wills, president of Telemundo Studios.