Univision shareholders approve $12.3B sale

LOS ANGELES - Univision Communications Inc. shareholders on Wednesday approved selling the Spanish-language broadcaster to a private investor group for $12.3 billion, the company said.

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

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

In addition to what it is offering for the shares, the investment group would assume $1.4 billion in Univision debt.

The transaction must still pass 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 Capital Group.