Spain's Admira (formerly Telefonica Media) and Miami-based Venevision International have launched a 50/50 joint venture to produce telenovelas and other TV content for the Latin American and US Spanish-speaking markets.
The joint venture follows similar moves by Admira into the Mexican and Brazilian TV markets. In August, Admira holding Endemol Entertainment and Brazilian heavyweight TV Globo launched Endemol Globo, and in September Endemol created a joint production venture with Mexico's Televisa.
The Admira-Venevision pact aims to move new product across all Latin America as well as the Spanish, Portuguese and US Hispanic markets, and simultaneously strengthen the partners' individual catalogues. Venevision is part of Miami-based conglom the Cisneros Group.
The new agreement was signed by Admira general manager for strategic alliances Ele Juarez and Venevision president Luis Villanueva. In a statement, Juarez suggested the agreement could lead to further "collaboration between the two companies, which share a common market and philosophy of innovation and quality."