Univision Sold To Saban Group
June 27, 2006 at 5:06 AM (PT)
UNIVISION's board has approved the sale of the company to a group headed by producer HAIM SABAN for $12.3 million plus assumption of $1.4 billion in debt.
The group includes SABAN plus THOMAS H. LEE PARTNERS, PROVIDENCE EQUITY PARTNERS INC., MADISON DEARBORN PARTNERS LLC, and TEXAS PACIFIC GROUP INC. and will pay $36.25/share to buy the Spanish language radio/TV/music giant, an offer sweetened from the group's initial $35.50 bid. The deal beats a late offer by a rival investment group headed by UNIVISION's primary program supplier, MEXICO's GRUPO TELEVISA but is short of the $40./share the company expected to get.