ABC News has announced that it plans to join forces with Univision News to create a multiplatform news, lifestyle and information programming service aimed at Hispanics in the United States.

Both organizations promised to provide “uncompromising coverage of current events with a unique perspective” with the around-the-clock, English-language television network and digital platform. Both will cater to the country’s more than 50 million Hispanics with programming focused on news, lifestyle and culture.

Isaac Lee, president of Univision News, called the combined effort “an important moment for journalism in the U.S. and for the U.S. Hispanic community.”

The new television network, to be owned 50-50 by the two companies, will be staffed by journalists from ABC News and Univision News. A website, mobile and social media content are expected to debut this summer. The yet-to-be-named television channel is expected to launch in 2013.

No financial details were provided. Editorial coverage will focus on the issues most relevant for Hispanics living in the United States. This includes the economy, jobs, health care, immigration, education, politics, entertainment, health and wellness.

“This exciting joint venture represents the latest example of our long-term strategy to broaden the reach of ABC,” said Anne Sweeney, president of the Disney-ABC Television Group. “Our powerful premier news brand, combined with the world’s leading Hispanic media company, will create the nation’s first news and lifestyle channel targeted to this quickly expanding and important community.”

ABC News president Ben Sherwood said the mission is the new enterprise is clear: “To offer culturally relevant news, information and lifestyle programming to the large and thriving Latino audience in the United States.”

Isaac Lee, president of Univision News, called the combined effort “an important moment for journalism in the U.S. and for the U.S. Hispanic community” that will “provide all audiences with a multiplatform current events perspective on the issues that matter most to Latinos.”

A management team is expected to be announced this summer. The network will have anchors and correspondents in major cities across the United States. Additionally, ABC News and Univision News will share newsgathering and production resources.

The joint venture reflects the growth of Hispanics in the United States. A recent report by Nielsen projected that the buying power of U.S. Hispanics—estimated at $1 trillion in 2010—will grow to $1.5 trillion in 2015.