Two months after Univision and ABC News announced they would team up to create a 24-hour news operation targeting English-speaking Latinos, the networks have officially signed the definitive agreement to form the joint venture this week.
“We are pleased to come one step closer to our goal of delivering a new English-language news offering to U.S. audiences. Together, Univision News and ABC News will inform, engage and empower the thriving Latino community as well as provide news and information from a Latino perspective to a broader audience. Signing the definitive agreement is an important milestone of many to come,” said Univision News President Isaac Lee in a statement.
Confirmation of the signed deal comes days after the South Florida Business Journal reported a “mystery company” filed an application seeking $10.5 million in incentives from Miami-Dade County and the state of Florida to create 346 jobs and establish its business there. Details in the application give strong indication that company is connected to Univision:
“We are a leading media company that is one of the top five networks in the U.S…. Headquartered in New York City, the company owns and/or operates television stations in the U.S. and 69 radio stations, with television network operations in Miami and other major cities throughout the U.S…The company has agreed in principal to form a joint venture with another major media network dedicated to providing uncompromising coverage of current events with a unique perspective.”
The incentive application states “Project Vision” would create 346 new jobs with average salaries of $81,110 and also invest $274.5 million to expand a unit of the company’s existing facility by 150,000 square feet.
The Miami-Dade County Commission approved a $3.5 million job growth incentive offer for “Project Vision” on July 17. The company is seeking an additional $7 million in state incentives.
A Univision spokeswoman would not comment on the incentive application or on the Journal’s article.
The real question is who benefits from this venture. I am not sure that Univision comes out wining in this deal!