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Univision to Acquire HBC for $3.5 Billion

Univision to Acquire HBC for $3.5 Billion

The nation’s largest Spanish-language TV broadcaster, Univision Communications Inc., intends to buy the largest U.S. Spanish-language radio group, Hispanic Broadcasting Corp. for $3.5 billion in stock.
According to Reuters, Univision would offer 0.85 of its Class A common stock for each HBC share. On the eve of the announcement, HBC’s shares closed at $24.45, and Univision’s closed at $37.70.
The merger, subject to regulatory approval, would allow Univision to add 55 radio station’s to its TV, music and Internet properties.
HBC would become Univision’s radio division, sources told the Miami Herald, with the headquarters remaining in Dallas and McHenry Tichenor Jr., chairman, president and CEO, heading the new Univision radio unit. HBC’s largest shareholders, the Tichenor family and Clear Channel Communications, favored the acquisition, stated sources.
Once the deal closes, Univision shareholders would control approximately 73.5% and HBC shareholders 26.5% of the combined entity’s ownership.