Regulators Approve Univision-HBC Deal

  • February 27, 2003
Shareholders of Univision Communications and Hispanic Broadcasting Corp. will vote today on whether to approve a $3.5 billion deal that will create the largest Spanish-language media company in the U.S. Thursday, the companies reached a tentative agreement with the justice Department that will allow the deal to move forward. As part of the agreement, Univision agreed to limit its ownership in Entravision, a competing Spanish-language radio and TV broadcaster. To meet that requirement, the combined Univision-HBC will cut its 27% stake in Entravision to less than 10% by 2009, and it will give up its voting rights in Entravision. The agreement with the DOJ will have no impact on Univision’s existing television station affiliation agreements with Entravision. The Federal Communications Commission must still approve the deal, which sources tell MediaDailyNews has already won the FCC’s blessing. Univision and HBC expect the deal to close by March 14.

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