US broadcaster ABC has ended its participation in joint venture channel Fusion, which it operated with Hispanic network Univision.
Effective immediately, Univision Communications will take over ABC’s distribution and ad sales responsibilities for Fusion, and will take full control of the network “as soon as reasonably practical”.
Financial terms of the agreement were not revealed.
The Walt Disney Company-owned ABC and Univision co-launched Fusion as a Hispanic-targeting, English-language news and satire cable network more than two years ago.
“Our companies have gained valuable knowledge from each other over the past several years and we are proud of what we have built together in a short period of time,” ABC and Univision said in a joint statement. “The mutual bonds created between our teams will remain.”
Following ABC’s exit, Univision is launching Fusion Media Group, which will house Fuse, Hispanic-focused cable channel El Rey, The Root, The Onion, A.V. Club, Clickhole, Starwipe, Flama, Univision Digital and Univision Music.
Univision said FMG would “serve as the multi-platform destination for the new, rising American mainstream, delivering content that embodies the audience’s shared values and passion points across all platforms”.
“This is an important time for UCI as we continue to evolve as a company to meet and exceed the demands of the cross-cultural influencers that we serve,” said Randy Falco, president and CEO, Univision.
“Fully integrating Fusion into our portfolio closely aligns with our desire to engage with our growing audience wherever they are, whenever they want and in their language of preference.”
Multiculturals now make up nearly 40% of the total US population, with 44% of millennial-aged audiences falling under that bracket.