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Univision Holdings and Mexican TV giant Grupo Televisa on Tuesday unveiled a strengthened and expanded relationship between the two companies that will see them unify their content development and production efforts.
As part of the change, Isaac Lee, who currently serves as the chief news, entertainment and digital officer for Univision and CEO for Fusion, will assume the role of chief content officer of both Univision and Televisa, effective immediately. He will continue to directly report to Randy Falco, president and CEO of Univision, and will also now report to Emilio Azcarraga Jean, president of Televisa.
“Both companies will benefit from a single, integrated focus on the Hispanic audience in the United States and the domestic Mexican audience, as well as from potential cost synergies from aligned content initiatives,” the companies said. “The news and all other operations of both companies will remain independent, and the current terms and conditions of the existing programming license agreement between Univision and Televisa remain unchanged.”
They added: “The new structure will enhance Univision’s and Televisa’s ability to serve a combined audience of approximately 175 million viewers in the United States and Mexico, with an aggregate purchasing power of close to $2 trillion dollars. This announcement reflects both companies’ continued commitment to serve the growing U.S. Latino community, while enabling them to compete more effectively in their respective markets in an environment where the viewing habits of consumers are evolving rapidly and where competition is increasing, both from new content offerings and from traditional and emerging platforms.”
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