NBC Succeeds in Bid to Buy Telemundo

12 October 2001

In its largest ever deal, NBC has agreed to purchase America’s number two Spanish-language broadcaster Telemundo Communications, becoming the first major US network to gain a Hispanic-focused division.

General Electric-owned NBC, whose bid was revealed earlier this week [WAMN: 08-Oct-01], will pay $1.98 billion, plus the assumption of $700m in debt. It aims to make savings by sharing facilities, and already plans to set up bilingual news and weather teams and cover local events simultaneously.

Telemundo, which claims to reach 88% of US Hispanic TV households, and Spanish-language market leader Univision Communications are some of the few TV groups to have posted growth in ad revenues recently.

News source: Financial Times