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Spaniard invests in US network
Three-year-old US Hispanic cable channel Latele Novela Network has received a boost from Spanish producer and programming and channel distributor Jose Maria Besteiro.
The Spaniard worked at Time Warner and Bertelsmann during the '90s, before going into production and distribution via his companies, Teleficcion and Distrivision.
 He has now taken out a stake in Miami-based producer-distributor Dreamhouse Entertainment, which owns 50% of Latele Novela. The other half of the network is owned by independent satellite TV company OlympuSAT, which distributes the channel within the US, currently to major cities only.
However, Besteiro's money and expertise should give Latele Novela, which airs a 24-hour schedule of Spanish-language soaps, the opportunity to expand.
The Hispanic market is currently dominated by two key players: Telemundo, which is owned by NBC Universal, and Univision, which has a lucrative partnership with Mexican media giant Televisa.
Yesterday, C21 reported on Mega TV, which has bucked current economic trends by reporting a Q4 2008 revenue growth of US$2.9m - a massive 95% rise - and is on its way to becoming a major competitor in the US Hispanic space.
Emily Brookes
25 Mar 2009
© C21 Media 2009
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