US Hispanic broadcaster Univision and Mexican media giant Televisa have decided to pool their development and production resources together, with Isaac Lee becoming chief content officer of both companies.
The agreement, which comes on the first day of the Latin American-focused market NATPE in Miami, will see the creation of a “strengthened and expanded relationship” between the two.
The new structure will have massive purchasing power, which they claim will be close to US$2 trillion and a combined audience of more than 175 million viewers in the US and Mexico.
Lee is currently Univision’s chief news, entertainment and digital officer and CEO of Hispanic news network Fusion, but now becomes CCO of both the US network and Televisa.
The companies claim his “new role unifies the leadership and strategic direction of the production of content for consumers in the United States and Mexico”.
News and all other operations will remain separate, and terms of the pair’s existing content agreement will stay the same.
A furthe change will see José Bastón Patiño take the role of president of Televisa International, reporting directly to Televisa president Emilio Azcárraga Jean.
Bastón will aim to expand Televisa beyond Mexico and the US, and will remain a member of the board of directors of Televisa. He was previously president of television and content, with those duties now going to Lee, who will report to president and CEO of Univision Randy Falco and Televisa’s Azcárraga Jean in his respective posts.
“By unifying our production of content for distribution on multiple platforms in Mexico and the United States, we will take advantage of the unique opportunity that Televisa and Univision have to compete more effectively in an increasingly complex and fragmented industry,” said Azcárraga.
“I look at Isaac Lee as the ideal leader of our joint content efforts,” said Falco. “With his creative mind and keen understanding of the rapidly changing tastes of young audiences, Univision and Televisa are best positioned to continue to evolve our aligned content offerings.”
The news comes soon after US media regulator the FCC allowed Televisa to significantly up its stake in Delaware-based Univision. It is now free to pursue a 49% voting interest and 40% equity stake in company, which operates a broadcast network and cable channels.