In a bid to tap the burgeoning U.S. Hispanic market, Mexican media giant Televisa inked a TV and film deal with Lionsgate last week, but the pact looks set to jilt both parties’ existing partnerships.

MEXICO CITY — Mexican media conglom Televisa aims to produce its first content in Mandarin Chinese by year-end as it moves to gain a foothold in the growing Chinese market and deepen its relationship ...