Mexico’s Televisa Group, the Spanish-speaking world’s largest media company, continued its dramatic international expansion by announcing a production joint venture with Imagina, Spain’s most successful TV drama producer, at Mipcom on Monday.

Imagina will adapt scripted formats from Televisa or Televisa partners, kicking off with Argentinean shingle Cris Morena’s “B&B,” an original scripted series format. The music and dance school comedy will air in primetime on terrestrial net Antena 3 TV. Shows could be made for other broadcasters, said Fernando Perez Gavilan, VP of Televisa’s Intl. Area.

Series or other formats emerging from the Televisa-Imagina alliance will also be made locally “with one eye on the possibility of export to the rest of Europe,” said Alfonso Mardones, general director, operations, of Globomedia, which partners with Mediapro in Imagina.

The deal comes weeks after the Mexican TV giant signed a 50/50 joint venture with Cris Morena Group and sister company RGB Entertainment, two of Argentina’s top production houses, having just inked a five-year production alliance with Brazil’s TV Record, its second highest-rating broadcaster.

Televisa already has a production joint venture with Jean-Luc Azoulay’s JLA in France and is adapting four telenovelas, all with different media companies, in China.

Gavilan said Televisa also is targeting Russia, India, South Korea and Japan for 2009.

For years, Televisa has toyed with plans for international expansion. It now appears to have hit on a formula: co-production alliances with companies that are well-positioned with broadcasters in local territories.

“We don’t want to make the mistake of applying a cookie-cutter approach to every country,” Gavilan said. “We want to enter each country with an open mind even if we have to innovate time-and-time again.”