RealTime IT News

Telemundo Network Group Takes Stake in

Online retailer for Latinos secured a multi-million dollar strategic investment by Telemundo Network Group LLC.

The partnership gives the Spanish-language broadcaster an equity stake in, and provides the Latin e-tailer with certain exclusive promotional and programming opportunities on the network.

As Telemundo Network's preferred e-commerce partner, the deal gives the dominant share of e-commerce advertising on Spanish-language airwaves.

The Telemundo Network claims to reach 85 percent of Hispanic households in the United States, spanning 63 markets.

"Telemundo embraces opportunities created by the record number of Latinos turning to the Internet for information, entertainment and commerce," said Alan Sokol, chief operating officer of the Telemundo Network.

"The strategic alliance with to our growing portfolio of Internet investments enables us to deliver the most desirable products and services to our audience in an authentic Latino environment."

Telemundo is the second media company to take stake in Grupo Ferri Rangel, publishers of Puerto Rico's largest daily El Nuevo Dma, participated in the first round of financing.