Univision has taken full ownership of the television channel and digital media property, Fusion.
In a deal expected to close soon, Univision bought out ABC's shares in Fusion -- which they co-founded in 2013.
Univision aims to create the Fusion Media Group, which will include Fusion, The Onion, The Root, El Rey, Flama, Univision Music and Univision Digital.
ABC and Univision released the following joint statement on Thursday:
"We have reached an agreement to end our joint ownership of FUSION with UCI becoming the sole owner. Effective immediately, UCI will take over ABC’s role in handling distribution and ad sales functions for FUSION’s multi-platform network and have editorial control. The transition of ownership will happen once the transaction is completed, which is expected to be as soon as reasonably practical. Terms of the transaction are not being disclosed.
"Our companies have gained valuable knowledge from each other over the past several years and we are proud of what we have built together in a short period of time. The mutual bonds created between our teams will remain."
More to come...
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