Hispanic media company Univision Communications said Thursday it has agreed to buy out Walt Disney’s stake in TV channel Fusion, ending their joint venture less than three years after it was created as an effort to reach younger viewers.
“We have reached an agreement to end our joint ownership of Fusion with UCI (Univision Communications Inc.) becoming the sole owner,” a statement jointly issued by Disney and Univision said.
The deal is expected to close “as soon as reasonably practical,” they said. Terms of the deal weren’t disclosed.
But effective immediately, Univision will assume editorial control and handle Fusion’s distribution and ad sales, which were formerly handled by Disney’s subsidiary, ABC. Fusion’s properties include a cable channel and online media sites.
“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,” the statement said.
