MEDIA & ENTERTAINMENT

Telemundo Network Is Bankrupt: Telemundo Group Inc., the Spanish-language television network, has been forced into involuntary bankruptcy by creditors seeking to keep it from going deeper into debt. The group of creditors said it filed a petition seeking reorganization for Telemundo under Chapter 11 of the bankruptcy code in U.S. Bankruptcy Court in Manhattan. Filing the petition stopped the accrual of interest on $283 million of Telemundo’s unsecured debt, said Wilbur L. Ross Jr. of Rothschild Inc., the financial firm advising the unsecured creditors. The move will prevent the company from going deeper into debt, he said. Telemundo is in negotiations with Reuters Holdings and the British Broadcasting Corp. to create the world’s largest Spanish-language television news organization.