Univision investors endorse sale deal

LOS ANGELES -- Shareholders of the Spanish-language broadcaster Univision Communications Inc. voted yester day in favor of selling the company for $12.3 billion to an investor group that includes media mogul Haim Saban.

The deal, priced at $36.25 a share, was approved by more than 80 percent of the shares that voted, which in turn represented more than 60 percent of outstanding shares, Univision said.

The private investment group would also assume $1.4 billion in Univision debt.

The transaction still needs regulatory approval, but is expected to close next spring.

The consortium of investors includes Madison Dearborn Partners, Providence Equity Partners, Texas Pacific Group, Thomas H. Lee Partners, and Saban's Saban Capital Group.

Univision dominates the US Hispanic media market through its three television networks -- Univision, TeleFutura and Galavision -- more than two dozen television stations, a recorded music division, an Internet portal, and Spanish-language radio stations.

Shareholder approval of the sale was widely expected, despite the objections of some shareholders who filed separate lawsuits in June, seeking to block the sale on grounds the board failed to obtain a fair price. The suits were voluntarily dismissed this month.

Univision's board, led by chairman and chief executive A. Jerrold Perenchio, began exploring a sale in February. In June, the board accepted the investor group's offer, leaving a rival investor group led by Mexican broadcaster Grupo Televisa SA rankled. Televisa claimed Univision refused to engage in any talks after the Televisa group made its initial bid.