HISPANIC MARKET: TELEVISA PARTNERS UNITE TO BID FOR UNIVISION
A consortium led by Mexican media group Televisa overcame internal divisions and a skittish debt market to join the bidding on Friday for Univision, the US’s largest Spanish-language media company.
Televisa declined to specify the value of its offer, which was submitted early on Friday morning. However, people familiar with the matter said it bettered a rival bid of $35.50 per share from a group led by media magnate Haim Saban. That offer valued Univision at about $11bn, not including $1.4bn in debt.
The Televisa offer injected fresh life into a high-profile auction that appeared to be crumbling after three of its private equity partners abandoned its consortium earlier in the week. The departure of Carlyle Group, Kohlberg Kravis Roberts and Blackstone Group over disagreements in price and corporate governance issues led to a tumble in Univision shares and caused some analysts to predict that Jerrold Perenchio, the company’s founder, might ultimately call off the sale.
FOR THE REST OF THIS STORY VISIT: www. msnbc.msn.com