Mexico’s telecoms regulator, the IFT, said it authorized a deal between Grupo Televisa and the U.S.-based broadcaster Univision on Tuesday.
The two groups hope to create a new company called Televisa-Univision, which will feature Spanish-language video content from both broadcasters.
The roster will include sporting events, movies and soap operas known as telenovelas.
Televisa-Univision is also planning to launch a streaming platform to serve a Spanish speaking audience, first in the U.S. and Mexico and then to South America and Europe.
The IFT said in a statement it did not expect anti-competitive effects from the merge in content “largely due to the marginal participation of Univision Holdings in Mexico.”
The deal will still need approval from regulators in the U.S. and Televisa’s shareholders.
Both Televisa and Univision declined to comment.