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Univision, Grupo Televisa Merge in $4.8 Billion Deal


Univision has agreed to merge with stakeholder Grupo Televisa in a $4.8 billion deal, which includes the company's 58 radio stations across the U.S. and Puerto Rico. Grupo Televisa will hold the largest stake (45%) in the new entity with 45%. The company also owns the Univision and UniMas broadcast networks, nine Spanish-language cable networks and 61 TV outlets.

As a part of the agreement, Televisa will retain ownership of izzi Telecom, Sky, and other businesses, as well as the main real estate associated with the production facilities, the broadcasting licenses and transmission infrastructure in Mexico. Televisa's content assets will be contributed for approximately $4.8 billion.

Under the terms of the deal, Univision will pay $3 billion in cash, $750 million in Univision common equity and $750 million in Series B preferred equity, with an annual dividend of 5.5%. The combination will be financed through $1 billion of new Series C preferred equity investment led by the SoftBank Latin American Fund, along with current Univision investor ForgeLight LLC, with participation from Google and The Raine Group and $2.1 billion of debt commitments arranged by J.P. Morgan.

"This strategic combination generates significant value for shareholders of both companies and will allow us to more efficiently reach all Spanish-language audiences with more of our programming," said Televisa Board of Directors Executive Chairman Emilio Azcarraga. "Together, Televisa-Univision can more aggressively pursue innovation and growth through digital platforms as the industry continues to evolve. Our new investors at the SoftBank Latin America Fund, Google and The Raine Group are just as excited about the opportunities presented by this combination."

"This transformative combination brings together the leading network serving U.S. Spanish-language audiences with the leading media platform in Mexico powered by the most powerful Spanish-language content engine in the world," said Univision CEO Wade Davis. "Televisa-Univision will emerge as the leading global Spanish-language multi-media company, uniquely positioned to capture the significant market opportunity for Spanish speakers worldwide."

Davis continued, "The composition of our new investor group reflects confidence in our strategy, the progress of our digital transformation and the magnitude of the opportunity ahead of us. I would like to thank Chairman Emilio Azcárraga for his confidence in us, to continue as partners growing the incredible company he and his family have built. I would also like to thank Televisa Co-CEOs Alfonso de Angoitia and Bernardo Gómez for their continued support and partnership as we work together to provide our audience with even more access to even more powerful, compelling and engaging Spanish-language content, however they choose to access it."

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