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ABC sells out of Fusion, leaves Univision in charge

Univision will take control of Fusion after a deal to buy out ABC from the millennial-focused cable network and website, the companies said Thursday.

Univision will take immediate control of distribution and ad sales and assume editorial control, with the final transaction expected to close soon.

"Our companies have gained valuable knowledge from each other over the past several years and we are proud of what we have built together in a short period of time," they said in a statement.

There were reports late last year that ABC parent Disney was in talks to end its joint venture with the Spanish language broadcaster.

Fusion has posted tens of millions of dollars in losses since the network launched in 2013, even with a number of high-profile on-air and online hires.