DOJ Reaches Tentative Agreement With Univision’s Merger With HBC & Interest In Entravision.

Univision Communications Inc. (NYSE: UVN) and Hispanic Broadcasting Corporation (NYSE: HSP) announced that they have reached a tentative agreement with the United States Department of Justice (DOJ) pursuant to which the DOJ will not object to Univision’s acquisition of Hispanic Broadcasting so long as Univision takes two actions with respect to its investment in Entravision Communications Corporation (NYSE: EVC):

1) Univision converts all of its shares of capital stock of Entravision Communications Corporation into a new class of non-voting preferred stock of Entravision that will not have any consent or other voting rights other than the right to approve a merger, sale, liquidation, or winding up of Entravision and the sale by Entravision of any television station affiliated with a Univision-owned network. Any shares of such preferred stock that are transferred by Univision (other than to its affiliates) will be automatically converted into Class A common stock of Entravision.

2) Over the next 6 years, Univision will sell enough of its Entravision stock so that Univision’s ownership of Entravision will not exceed 15% at the end of 3 years and 10% at the end of 6 years. Univision now owns shares of Entravision representing approximately 27% on a fully converted basis.

This agreement with the DOJ will have no impact on Univision’s existing television station affiliation agreements with Entravision. This tentative agreement was negotiated by Univision directly with the DOJ. Any changes in Entravision’s charter documents necessary to implement the terms of the tentative agreement will require the approval of Entravision.

As previously announced, Univision and Hispanic Broadcasting will hold their respective shareholder meetings tomorrow. Subject to shareholder and FCC approvals, the companies expect to close the transaction on or about March 14, 2003.

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