Mexican entertainment conglomerate Grupo Televisa this week announced that its board has approved a proposal to join with other investors to bid for Los Angeles-based Univision Communications.

Televisa is the largest producer of Spanish-language TV programming in the world, and owns about 11.4 percent of Univision. The company now supplies Univision, the dominant Spanish-language broadcaster in the United States, with most of its primetime shows.

As a foreign corporation, Televisa can't own more than 25 percent of a U.S. broadcaster. The board directed Televisa chief executive Emilio Azcarraga Jean and executive vice president Alfonso de Angoitia to put together a deal that "would involve an increase in Televisa's minority shareholding of the issuer," according to a filing with the Securities & Exchange Commission.

On February 8, Univision's board announced they were initiating "a process to explore strategic alternatives to enhance shareholder value," including the sale of the company.

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