Televisa and Univision have closed their landmark transaction, a long-awaited merger deal that will now create a Spanish-language media and content powerhouse that will reach 100 million Spanish speakers across the U.S. and Mexico.

The new company, named “TelevisaUnivision,” will bring together intellectual property from Televisa’s four broadcast channels, 27 pay-TV channels, Videocine movie studio, Blim TV SVOD platform, and Univision and UniMás’ broadcast networks, nine Spanish-language cable networks, 59 TV stations, 57 radio stations and the PrendeTV AVOD platform. The transaction was valued at around $4.8 billion, according to Forbes.

In short, TelevisaUnivision now owns the largest library of Spanish-language programming in the industry with roughly 300,000 hours of content. The unified company will also be launching a global streaming service sometime in 2022, which will include both free and premium subscription tiers, and creative partnerships with Eugenio Derbez, Selena Gomez, Maria Dueñas, Mario Vargas Llosa and Santiago Limón. Both Televisa and Univision had previously announced those plans, as well as the merger agreement, last April. The integration will unlock more potential to tap into the world’s Spanish-speaking population, which represents an aggregate GDP of approximately $7 trillion.

“The combination of content assets from Televisa and Univision, the two leading media companies from the two largest Spanish-speaking markets in the world, has created a company with tremendous potential,” said Alfonso de Angoitia, executive chairman of the TelevisaUnivision Board of Directors, in a statement today. “With our attractive financial profile and history of innovation, TelevisaUnivision is ready to revolutionize the industry by delivering the most comprehensive Spanish-language content offering to audiences around the world.”

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Courtesy Televisa Univision

Along with Angoitia, Wade Davis will lead TelevisaUnivision as CEO and Marcelo Claure will become vice chairman of the TelevisaUnivision Board of Directors. Members of the board include Emilio Azcárraga, Bernardo Gómez, Michel Combes, Gisel Ruiz, Oscar Muñoz, Maria Cristina “MC” Gonzalez Noguera, Eric Zinterhofer and Jeff Sine. As part of the agreement, Televisa will be able to appoint two additional directors. Content production and operations in Mexico will be co-led by Angoitia, who will remain co-CEO of Grupo Televisa, and by Gómez. Grupo Televisa’s news operations in Mexico will become part of a new independent company, led by Azcárraga, executive chairman of the Grupo Televisa Board of Directors. TelevisaUnivision has further plans to assemble more media and tech talent.

In addition to developing original content for its streamer, TelevisaUnivision made strategic efforts in 2021 to invest in new advertising products in both markets and to execute new distribution partnerships. As a result, both companies experienced significant advertising revenue growth last year — Univision’s revenue through the first nine months of 2021 grew by about 33%, and Televisa’s advertising revenue for the same period increased by 24%.

Guggenheim Securities and J.P. Morgan acted as financial advisors for Univision; Paul, Weiss, Rifkind, Wharton & Garrison LLP and Sidley Austin LLP served as legal counsel; and Covington & Burling LLP served as regulatory counsel.

Allen & Company acted as financial advisor for Televisa; Wachtell, Lipton, Rosen & Katz, and Mijares, Angoitia, Cortés y Fuentes, S.C. served as legal counsel; and Pillsbury Winthrop Shaw Pittman LLP served as regulatory counsel. LionTree Advisors LLC rendered a fairness opinion to the Board of Directors of Televisa.

TelevisaUnivision’s new investors include SoftBank Latin America Fund, Google and The Raine Group. Cleary Gottlieb Steen & Hamilton LLP served as legal counsel to the SoftBank Latin America Fund, and Pillsbury Winthrop Shaw Pittman LLP served as legal counsel to The Raine Group.