MADRID — Cash-rich Spanish broadcast network Telecinco has purchased a 28.3% stake in new U.S. Hispanic network, CaribeVision, which launched last year in New York, Miami and Puerto Rico.

A Spanish-language general entertainment channel, targeting Caribbean Hispanics in the U.S., CaribeVision is 83% owned by Mexican conglom Pegaso TV, which is controlled by telco and sports mogul Alejandro Burillo Azcarraga, the cousin of Televisa chairman Emilio Azcarraga Jean.

Telecinco has taken 34.2% in Pegaso, whose other interests include mobile telephony and a share in PanAmsat Mexico.

Pegaso plans to roll out a satellite TV service in Mexico this year to compete with the Televisa-owned Sky Mexico.

CaribeVision multiplatform distribution in the U.S., ranging from over-the-air in parts of Miami to cable carriage by Comcast in Miami and Time Warner Cable in New York.

Telecinco’s purchase comes after the Mediaset-owned Spanish broadcaster teamed with Mediaset and Dutch TV magnate John de Mol last March to buy a 75% stake in reality TV giant Endemol for Euros2.63 billion ($3.9 billion).

For Telecinco, the move into the Hispanic TV market reflects classic strategies of diversification and economies of scale.

In 2007, Telecinco recorded record first half profits of $310.6 million. First half Telecinco ad revs also grew a sturdy 7.8%.

But analysts forecast a slowdown in Spanish ad growth over the next few years.

In contrast, the U.S. Hispanic ad market grew 13% in 2006.

Telecinco will also offer its advertising know-how and content to CaribeVision, said Telecinco CEO Paulo Vasile.