Andrew Jerrold Perenchio
Net Worth: $1.3 billion
Source of Wealth: Entertainment investments
Residence: Bel Air
Andrew Jerrold Perenchio moved to billionaire status this year. His net worth nearly doubled, thanks to the stock performance of Spanish-language TV network Univision Communications Inc.
Perenchio, an entertainment mogul so publicity shy that he once refused to supply a photograph for the company's annual report, is not timid about his political ties.
Last year, he was listed in Mother Jones as one of the top 400 contributors to political parties and candidates, contributing more than $163,000. This year, he donated $100,000 to the gubernatorial campaign of Lt. Gov. Gray Davis, as well as numerous other causes.
Perhaps to counter his own media-shy nature and to garner support among Latino viewers, Perenchio early last year hired one of the nation's most high-profile Latino leaders to be his front man former U.S. Housing Secretary Henry Cisneros, now Univision's president and chief operating officer. The move seemed to backfire a few months later when Cisneros was indicted for allegedly making false statements to FBI agents about payments he made to a former mistress. Cisneros continues to serve in his present capacity.
In 1992, Perenchio, along with Mexican and Venezuelan partners, bought Univision, gaining control of the nation's biggest Spanish-language broadcast company.
Univision is Perenchio's biggest deal to date. He and his partners Mexico-based Grupo Televisa and Venezuelan company Venevision International each paid $33 million in cash, assuming $415 million in debt to acquire a company whose market capitalization now stands at $3 billion. Univision's share price soared over the past year, trading at around $18 last June and rising to the $35 level recently.
In January, Perenchio filed to sell more than $750 million worth of his stock 20.4 million shares. This will decrease his holdings from 40 percent to 20 percent, but he will still retain 78.5 percent of the voting power of all stock.
The company owns and operates 21 Spanish-language television stations around the country and supplies Spanish programming.
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