(Associated Press via NewsEdge) Shareholders of Spanish-language broadcaster Univision Communications voted in favor of selling the company for $12.3 billion to a private investor group that includes media mogul Haim Saban.
The deal priced at $36.25 a share in cash was approved by more than 80% of the shares that voted, which in turn represented more than 60% of company's outstanding shares, Univision said.
In addition to what it is offering for the shares, the investment group would assume $1.4 billion in Univision debt.
The transaction must still pass regulatory approval, but is expected to close next spring.
The consortium of investors includes Madison Dearborn Partners, Providence Equity Partners, Texas Pacific Group, Thomas H. Lee Partners and Saban's Saban Capital Group.
Univision dominates the U.S. Hispanic media market through its three television networks, Univision, TeleFutura and Galavision, more than two-dozen television stations, a recorded music division, Internet portal and Spanish-language radio stations.
Shareholder approval of the sale was widely expected, despite the objections of some shareholders who filed separate lawsuits against the company and its board of directors in June, seeking to block the sale on grounds the board failed to obtain a fair price for the company.
The lawsuits were voluntarily dismissed earlier this month.
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