US media group sold for $12.3bn

Univision dominates Spanish language TV in the US

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.

'Outstanding brand'

In addition to the $12.3bn buying price, the consortium will also take over Univision's $1.4bn debt.

"Univision is truly a one-of-a-kind property," said the consortium.

"It is an outstanding media brand with exceptional positions in the fastest-growing markets in the country, world class assets, strong management, popular programming and unmatched ratings."

As well as its television networks, Univision also owns a recorded music division and a number of radio stations.

Mexican broadcaster Grupo Televisa had earlier tried and failed to put forward its own rival bid for Univision.