Print this Article
RSSTulsa World
By Bloomberg, AP and Staff Reports
Shareholders of Univision Communications Inc. approved selling the Spanish-language broadcaster Wednesday to a private investor group for $12.3 billion.
Univision dominates the U.S. Hispanic media market through its three television networks -- Univision, TeleFutura and Galavision -- more than two-dozen television stations, a recorded music division, Internet portal and Spanish-language radio stations.
The deal priced at $36.25 a share in cash was approved by more than 80 percent of the shares that voted, Univision said.
In addition to what it is offering for the shares, the investment group would assume $1.4 billion in Univision debt.
The consortium of investors includes Madison Dearborn Partners, Providence Equity Partners, Texas Pacific Group, Thomas H. Lee Partners and Saban Capital Group.
The transaction, which must pass regulatory approval, is expected to close next spring.
Shares of Univision fell 4 cents to close at $34.40 on the New York Stock Exchange. They have climbed 13 percent since the company was put up for sale in February.
(c) 2006 Tulsa World. Provided by ProQuest Information and Learning. All rights Reserved.
