"Telemundo vivo" refers to live television on the channel Telemundo, which is an American television network that broadcasts Spanish television. "Tele" is short for television, "mundo" means world and "vivo" means live, or broadcast in real time. Telemundo is a division of NBCUniversal Hispanic Enterprises.
Telenovelas or Spanish-language daytime soap operas are popular on the channel Telemundo, so Telemundo can also refer to drama. There is a wealth of information available at NBCUMV.com about the television shows that air on Telemundo, including a list of all the shows, biographies of actors and actresses, as well as a schedule of programs.