* 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 (Reuters) - 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 a statement.
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, said Conde.
“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.