Spanish-language TV giants team up to take on Netflix

Mexico City: Spanish-language television giants Televisa of Mexico and Univision of the United States are joining forces to compete with Netflix and Amazon in the booming market for digital streaming.

The two firms will combine their content and form a new company called Televisa-Univision that will be “the biggest and most relevant Spanish-language media group in the world,” a Televisa statement said.

Televisa said that it would receive $4.8 billion — $3.0 billion in cash and most of the remainder in Univision shares — in return for contributing its content assets.