CBS Buys Spanish-language News Channel
NEW YORK (AP) _ CBS owner Westinghouse Electric Corp. bought the Spanish-language news channel TeleNoticias on Thursday and plans to introduce a 24-hour service in the United States later this year.
Westinghouse bought the channel, which reaches more than 20 million homes in 22 countries, from Telemundo Group Inc., owner of Telemundo News Network.
``The acquisition of TeleNoticias is a strategic move by Westinghouse/CBS to further develop the reach and scope of our broadcasting business,″ Peter Lund, president and chief executive of CBS, said in a statement.
He said the move was first in a series of steps planned to move CBS into cable and satellite television.
The price was not disclosed, but The New York Times, citing two executives familiar with the deal, put the cost in the $20 million range.
The 24-hour Spanish-language channel will be renamed CBS TeleNoticias in Latin America and Spain. It will be expanded, drawing upon CBS News’ resources, to create a 24-hour Spanish-language version for the United States, where TeleNoticias now offers more limited broadcasts.
With the purchase, Westinghouse joins others in Spanish-language broadcasting. CNN is planning to launch its own 24-hour all-news channel next year called CNN en Espanol. NBC already runs a Spanish-language channel, Canal de Noticias NBC.
Telemundo bought out its partners in TeleNoticias in order to complete the deal with Westinghouse.
TeleNoticias was launched on Dec. 1, 1994, and is based in Hialeah, Fla. It has bureaus in eight news centers around the world. It is distributed in every Spanish speaking country in Latin America, as well as Spain, via cable, satellite-delivered cable and broadcast television.
In the United States, TeleNoticias produces two prime-time national newscasts seen on the Telemundo network. CBS TeleNoticias will continue to produce those broadcasts.