Univision Communications has revealed that it is to acquire the Hispanic Broadcasting Corporation in a $3.5 billion all stock deal. The deal will cement Univision’s position as the leading media conglomerate targeting Latin Americans in the US.
The deal will see Univision, the largest US based Spanish language TV broadcaster join forces with Hispanic Broadcasting, the largest US based Spanish language radio broadcaster. The agreement will give Univision control of 55 radio stations to add to the company’s TV, web and music offerings.
The directors of both companies have agreed the deal which is still subject to both regulatory and shareholder approval. The two companies expect to close the deal by the end of this year. When the deal is finally completed, Hispanic Broadcasting will become a wholly owned subsidiary of Univision Communications.