US media group sold for $12.3bn

[acmejack]

Univision, the largest Spanish language broadcaster in the US, has agreed to be sold to a consortium of investors for $12.3bn (£6.7bn) in an all-cash deal.

The consortium is led by private equity firms Texas Pacific and Thomas H Lee Partners, and also includes media boss Haim Saban and Providence Equity.

If approved by Univision shareholders and regulators, the deal is expected to be completed by early 2007.

Univision has three TV networks - Univision, Telefutura and Galavision.

http://news.bbc.co.uk/2/hi/business/5121906.stm

[AX10]

1. Thomas H Lee and Haim Saban are Democrats.

[blm]

2. I was just going to post that - - Maybe all those entreaties to left

moneymen are finally paying off.

Sing HALLELUJAH, DU!!!!!!!!!!!!

It's a START!!!

Lee is a former Repub, and probably a centrist, but anything NOT a GOP fascist is good news, these days.

[samsingh]

7. ohhhhh good.

big relief there.

i guess the right will want to revisit media ownership rules if the left buys up everything - and we have the money to do it.

[Roland99]

4. Good start but we need something like TTN (The Truthiness Network)

Come on Buffet, Soros, crack open those wallets! :D

[AnOhioan]

6. Saban may be a Democrat but I wish he would....

Support some slightly more progressive Dems than Hillary and Lieberman.


http://opensecrets.org/indivs/search.asp?txtName=Saban%2C+Haim&NumOfThou=0&txt2006=Y&submit=Go%21

[movonne]

3. I sure hope so...

[NashVegas]

5. Update - Shareholder Suit

After the sale announcement come the lawsuits, with two shareholder suits already on file against UNIVISION COMMUNICATIONS INC. charging that the company and its board breached their fiduciary duty witht he sale to a group headed by producer HAIM SABAN.

A case filed TUESDAY is asking the court to block the sale, and a second filed WEDNESDAY alleges that the deal was structured to benefit insiders rather than shareholders.

from All Access