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Univision: Group
built 622 days ago
Univision won some praise from Hispanics (as well as some criticism by non-Hispanics) for donating $100,000 in 1994 to a group fighting the ballot initiative known as Proposition 187, which sought to deny government benefits to illegal immigrants in California. Ironically, at the same time Perenchio was making huge donations to Governor Pete Wilson of California and the Republican Party, whose policies--including support for Proposition 187--were unpopular with many Hispanics.
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Univision said today it had reached a definitive agreement to be acquired by a group of private-equity firms for $36.25 a share, or about $13.7 billion, which includes the assumption of $1.4 billion in debt. The acquiring group consists of Thomas H. Lee Partners, Texas Pacific Group, Madison Dearborn Partners, Providence Equity Partners and billionaire broadcasting investor Haim Saban.
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An agreement to buy Univision would be a coup for the equity consortium. Less than a week ago, the group made an opening bid of $35.50 a share that was rejected, and it had been expected to drop out of the auction entirely.
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