MundoFox shuts down news division, changes name to MundoMax
RCN, which now owns 100% of the fledgling U.S. Spanish-language network, "is wholly committed to the success of MundoMax," MundoMax President Ibra Morales said in a statement.
The broadcast network will be officially rebranded on its third anniversary, August 13, said Morales, who joined the network in January 2014, replacing FIC's Emiliano Saccone.
However, MundoMax has shuttered its news division, laying off almost 40 staffers in the process.
"Although we have cancelled 'Noticias MundoFox,' RCN Television Group continues its dedication to bringing quality news coverage to the vibrant and dynamic U.S. Hispanic community," said Morales, who expects the bulk of MundoMax's entertainment and news programming to debut next year.
"We are currently evaluating our entire portfolio of content and restructuring it with the goal of bringing maximum value to all our stakeholders, including our viewers, clients and affiliates," he added.
MundoFox launched in August 2012 as part of Fox and RCN's ambitious bid to enter the lucrative Spanish-language television market in the U.S., dominated by Univision and NBCUniversal's Telemundo for decades.
The network has continued to struggle in ratings and distribution. Given RCN's losses last year in Colombia, where its net profit dropped 47.7% to $6.56 million, some observers think that it will eventually seek another partner in the U.S.
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