A telenovela marriage
While Wall Street is agape over the bargain basement sale of Bear Stearns, a major media drama is unfolding in Mexico.
Long-time foes Grupo Televisa and the General Electric-backed Telemundo will share content south of the border in an early partnership that will ultimately focus on the coveted U.S Hispanic market, according to the Wall Street Journal.
That could eventually threaten the dominance of Univision on Spanish-language broadcasting in the United States.
In a tale that rivals its own sugary soap operas for power, passion and influence, Telemundo was angling for its own television station in Mexico, but could not gain a foothold against the sway of Televisa and TV Azteca.
According to the deal, Telemundo’s programming will appear on a Televisa station in Mexico. Televisa will also carry a Telemundo channel on its local cable and satellite networks.
Keep an eye on:
* HBO is replacing its president Carolyn Strauss, who is signing a new production deal inside the company. She has been involved with several of the cable network’s biggest hits, from “Sex and the City” to “The Sopranos”. (NYTimes)
* You might think the demand for more niche news has opened up the journalism business, but a study today from the Project for Excellence in Journalism shows a wave of layoffs at newspapers and other outlets means a much narrower band of coverage. (Reuters)
* Viacom chief Philippe Dauman is apparently alone in the belief all is well with Steven Spielberg, who plans to bolt from Paramount Pictures when his contract ends this fall.
(Photo: Televisa CEO Emilio Azcarraga Jean, Reuters)