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Published 20:55 29 Jan 2015 GMT
Updated 23:31 29 Jan 2015 GMT
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A statement released by the network describes Elena as a "confident and compassionate teenager in an enchanted fairy tale kingdom inspired by diverse Latin cultures and folklore".
The new princess is also set to get her own show to be aired on Disney Junior.
Titled Elena of Alavor, it will start in 2016.‘I’m a 29-year-old woman and my income would shock my friends if it was made public’
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