Televisa and Globomedia Form TV Production Company

MEXICO CITY -- Spanish-language media giants Televisa and Globomedia have reached an agreement to form a TV production company that will develop content for Spain and international markets. 

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The as-yet unnamed shingle will have rights to adapt content from Mexican network Televisa's library and it also will develop original productions. Televisa declined to offer specifics on the upstart's new projects. 

The deal also allows for rights in Spain to Sony Pictures Television's (SPT) scripted formats. Televisa and SPT inked a first-look co-production agreement earlier this year.

Televisa took a 14.5 percent stake last year in Spain's Imagina Media Audiovisual, a holding company consisting of Globomedia and Televisa. The alliance brought together two of the world's leading producers of Spanish-language content.

Jose Baston, head of content for Televisa, said the pact with Globomedia is an important step in Televisa's push to expand its presence in Europe and Spanish-speaking markets by way of co-productions and format sales. 

Financial details of the deal were not disclosed.