Univision completes merger with Mexican media giant Televisa

Univision on Monday said it completed its merger with Televisa’s media content and production assets, forming a new Spanish-language media behemoth called TelevisaUnivision Inc.

Why it matters: The merger creates one of the biggest Spanish-language media companies in the world. The scale of the combined company will help Univision compete with NBCUniversal's Spanish-language network Telemundo.

Details: The newly-combined company will launch a new streaming service for Spanish-speaking audiences in 2022, with both free and premium tiers, per a statement. It's also preparing "a massive pipeline of original content for the upcoming global streaming launch," it said.

Be smart: TelevisaUnivision Inc. received a $1 billion investment led by the SoftBank Latin America Fund to foot the deal. Marcelo Claure, then-CEO of SoftBank Group International, was named vice chair of the new company's board.

• SoftBank confirmed Friday that Claure was leaving the company, but TelevisaUnivision confirmed he will still become vice chairman of the company's board.

Go deeper: Mexican media giant Televisa to merge content business with Univision