* Network is a joint venture between ABC and Univision
* Broadcast to Hispanic market will be in English
* Will create 350 jobs in Miami
By Zachary Fagenson
MIAMI, Oct 10 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 Governor 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.
"From our new headquarters in South Florida, we'll build the
network of the future to serve the many millions of Hispanics
all across America," Ben Sherwood, president of ABC News said in
Univision is the nation's leading media company for the
Hispanic market, with 12 television and cable networks as well
as radio stations across the country. It is owned by Saban
Capital Group, along with a consortium of private equity
investors including Madison Dearborn Partners, Providence Equity
Partners, TPG Capital and Thomas H. Lee Partners.
Walt Disney Co, a global theme park and
entertainment giant, operates the ABC broadcast network and
cable channels, including ESPN sports network.
The new yet-to-be-named joint venture network will target a
wealthier audience of 'acculturated' Hispanics who are
comfortable with the English language, while remaining deeply
rooted in their own culture.
Editorial coverage will focus on a broad range of topics
including the economy, entertainment, music, food, immigration,
education, politics, and health, the company said.
The Hispanic demographic is the youngest and fastest growing
in the country with more than $1 trillion in spending power,
"Univision's decision to grow here is a testament to
Florida's status as one of the most business-friendly states in
the country," said Scott.
The new network also announced Wednesday that Miguel Ferrer,
a former senior editor at the Huffington Post will be its first
executive producer for digital content. The President and CEO
and other senior executives are expected to be announced later
this year, the companies said.