Spain’s Movistar and Telemundo International Studios have entered into a TV co-production alliance to produce TV series for the US and the International markets.

Under the terms of the deal, Telemundo, owned by NBC Universal, will have exclusive rights to the joint TV series in the US, and Movistar in Spain.

The agreement comes at a time when Movistar is selling its subsidiaries in Guatemala and El Salvador to Carlos Slim-owned America Móvil for around €570 million.

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