Televisa: We'll Sell Our Univision Shares
July 5, 2006 at 11:19 AM (PT)
GRUPO TELEVISA says in an SEC filing that it is ready to talk about selling its shares in UNIVISION to the winning bidder for the U.S. Spanish-language TV and radio company.
TELEVISA owns 11.4% of UNIVISION but lost out to a consortium headed by producer HAIM SABAN, which entered a final bid of $12.3 billion in cash and says it will not roll over its shares in the merger and that if its UNIVISION holdings drop below 13.6 million shares with the sale of its shares, it will not be bound by a 1996 participation agreement and will be able to move on to new U.S. opportunities, ostensibly the launch of a new competing TV network or moving programming to another network. TELEVISA has a deal to provide its popular programming to UNIVISION through 2017.