Date Set to Vote on Univision Sale

Univision Communications Inc. has scheduled a special meeting Sept. 27 for shareholders to vote on the proposed $12.3-billion sale of the nation’s dominant Spanish-language broadcaster to a consortium of investors that includes billionaire Haim Saban.

Los Angeles-based Univision’s bylaws require that 60% of shareholders approve the transaction because two board members voted against the proposed buyout in a board meeting June 26, when the deal was tentatively approved. The two dissident directors represented Venevision of Caracas, Venezuela, the largest shareholder, and Mexico City-based Grupo Televisa, which had led a group of investors that was rebuffed in its bid for Univision.

According to a Univision filing Monday, shareholders who fail to vote in the special election would be considered “no” votes. If shareholders return their proxy cards without indicating how they wished to vote, they would be considered “yes” votes. The meeting will be held at Hotel Bel-Air, the filing said.

The consortium -- Thomas H. Lee Partners, Texas Pacific Group, Providence Equity Partners and Madison Dearborn Partners and Saban -- has offered $36.25 a share for the company. The group also plans to assume Univision’s $1.4 billion of debt.