The Wall Street Journal reports that Yahoo En Español and Telemundo.com will be merging companies. They will be merging the staff and sharing one advertising budget. If you visit http://espanol.yahoo.com/ now, you will find both logos at the top of the page, representing each company. The reason for the merger is because the online Hispanic market is growing extremely quickly and the two companies want to take advantage of "the incredible growth of the Hispanic marketplace," today. It appears that the two companies will fold under the Yahoo umbrella.
Postscript: PaidContent.org has some more details on the merger plans.