It was founded with the purpose of movie distribution, and had a very close relation with the biggest studios. In the 1980s Lusomundo started acquiring newspapers, including Comércio do Porto, Diário de Notícias and Jornal de Notícias. In the early 1990s it acquired TSF Rádio Notícias and minority stakes on TVI.
In 2000, Portugal Telecom Multimédia made a successful takeover of Lusomundo. Since then, Lusomundo was split into two companies with different owners:
Until 2007, the Lusomundo brand was used on four premium subscription television movie channels. Nowadays these channels are named TVCine.