The world’s biggest Spanish-language broadcaster, Televisa, has announced a joint venture with Mexico’s Grupo Acir Communicaciones radio group and US media conglomerate Clear Channel Communications.

Televisa will own a 50.01% stake in the new company, to be called Grupo Acir-Radiópolis, with Grupo Acir holding 25.99% and Clear Channel 24%.

Televisa will also purchase a 27.82% stake in Grupo Acir for $101 million. The two firms will combine their radio assets, controlling between them 186 stations across Mexico.

The deal with Clear Channel will allow Televisa to expand into the US Hispanic market. Televisa’s XEW radio station will, it is planned, cover the US and Central America.

Mexico’s anti-trust agency, the Federal Competition Commission, has yet to ratify the agreement.

News source: Financial Times