REUTERS/Joe Skipper
The large newsroom for Univision and Fusion networks is shown during opening ceremonies in Doral, Florida August 28, 2013.
In a deal expected to close soon, Univision Communication Inc. bought out ABC's shares in Fusion -- which they co-founded in October 2013.
In turn, Univision will create the Fusion Media Group, which will include Fusion, El Rey as well as The
Root, The Onion, A.V. Club, Clickhole, Starwipe, Flama, Univision Digital and Univision Music.
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."
The Fusion TV channel launched on Monday, October 28, 2013 after its digital platform launched a week earlier on October 21. The news, lifestyle and pop culture network's programming included original reporting and "satire programming" aimed at young, English-speaking Latinos.