These two companies are joined at the hip both operationally (Televisa has programming, Univision has the distribution) and legally, which an agreement designed to handcuff one to the other. It’s hard to see how the jockeying, in the short run, will amount to anymore than just that.

As we’ve noted before, the real issue for Univision (probably more so than Televisa) will be dealing with the caterpillars. Even Telemundo, as well established as they are, can take some bites from the Univision foliage, as evidenced by this recent deal with Wal-Mart.