Fox Sells Interest in MundoFox Network
21st Century Fox’s Fox International Channels sold its interest in MundoFox to RCN Television Group, the other partner in the joint venture.
MundoFox launched in 2012 as the third major national broadcaster targeting the U.S. Hispanic market with more than 50 affiliates.
"We're proud of having started MundoFox with RCN and are confident that they will realize all of the potential of the network," said Hernan Lopez, president and CEO of FIC. “Our company continues to be committed to the U.S. Latino marketplace through its Spanish Language channels, Fox Deportes, Nat Geo Mundo and Fox Life.”
Terms of the deal were not disclosed.
“RCN is excited to be carrying on the MundoFox network that we started jointly with our partner FIC,” said Ibra Morales, who will continue to lead the management team at the broadcast network. “We look forward to serving the remarkably vibrant and dynamic U.S. Hispanic community with our successful programs and are proud to dedicate our efforts to the continuous growth and success of the network.”
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.