Televisa Ends Attempt to Take Over Univision

Grupo Televisa said it would not attempt to put together an 11th-hour bid to buy Univision Communications Inc., clearing the way for a Sept. 27 vote by shareholders on whether to sell the company for $12.3 billion to a consortium of private investors.

Mexico City-based Televisa, which owns 11% of Univision, in June lost out in the bidding for the largest Spanish-language media company in the U.S. Univision is based in Century City.

Shareholders are being asked to approve the $36.25-a-share offer by the consortium -- Thomas H. Lee Partners, Texas Pacific Group, Providence Equity Partners, Madison Dearborn Partners and Los Angeles billionaire Haim Saban. The group also plans to assume Univision’s $1.4 billion of debt.

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Meg James