ABC News and Univision are teaming up to create an English-language news network for Hispanics in the United States.
The network doesn't have a name yet but it is expected to launch in 2013, with its digital offerings coming later this summer.
"'This exciting joint venture represents the latest example of our long-term strategy to broaden the reach of ABC,' Anne Sweeney, co-chair of Disney Media Networks, said in a statement.
"Latinos represent 16% of the total population in the United States, a number that is projected to increase to 30% by 2050. The demographic group wields considerable spending power, over $1 trillion.
"'This alliance combines the expertise and brand strength of Univision News with ABC News' leadership and is another example of Univision's commitment to serving and empowering Hispanic America while connecting all audiences to Latino issues,' said Cesar Conde, president of Univision Networks."
The New York Times points out that while this network will include "lifestyle, entertainment and health-related programming as well as traditional news programming," it's still inevitably going to be compared with CNN and Fox News.
In its press release, the networks said a management team will be announced in the summer and they gave a broad description of what the network will cover.
"Editorial coverage will focus on the issues most relevant for U.S. Hispanics, including the economy, jobs, health care, immigration, education, politics, entertainment, health and wellness and more," the network said.