Shareholders Approve Net’s Sale

NEW YORK Univision shareholders have approved the acquisition of the company by an investor group that includes Madison Dearborn Partners, Providence Equity Partners, Texas Pacific Group, Thomas H. Lee Partners and Saban Capital Group for $36.25 per share in cash, or a total of $13.7 billion, including the assumption of $1.4 billion in debt.

The merger agreement was approved today at a special meeting of company shareholders by more than 80 percent of the shares that voted, which constituted more than 60 percent of the total outstanding shares. The transaction is subject to federal regulatory approvals, and is expected to close next spring.

Univision is the fifth-largest U.S. network, trailing ABC, CBS, NBC and Fox. The company’s other assets include a second TV network, TeleFutura, launched in 2002, cable network Galavision, as well as local TV and radio stations and a music company.

The agreement had already been approved by the board of directors of Univision and was not contingent on financing [Adweek Online, June 27].

Univision had net revenue of almost $2 billion in 2005, according to its filings with the U.S. Securities and Exchange Commission.

The acquiring group in June said in a statement, “Univision is truly a one-of-a-kind property. It is an outstanding media brand with exceptional positions in the fastest-growing markets in the country, world-class assets, strong management, popular programming and unmatched ratings.”