Grupo Televisa Will Expand Event Venture

Grupo Televisa, the world’s No. 1 Spanish language media company, said Wednesday that it will expand a venture with Clear Channel Entertainment to tap the U.S. Latino market through the purchase of a stake in a producer of Latino events in the U.S. and the Caribbean.

Under the deal, whose terms were not disclosed, Mexico City-based Televisa will buy the 50% of Cardenas-Fernandez & Associates Inc. that it doesn’t already own.

The expanded venture, which has yet to be named in the United States, will pursue worldwide tours of Spanish-speaking artists, primarily targeting Spanish-speaking audiences.

Shares of Televisa rose $1.11 to $47.53 on the New York Stock Exchange.