The world's largest Spanish-language broadcaster and the world's rich man are teaming up to buy Univision Communications, the nation's largest Hispanic media company.
In a filing with the Securities and Exchange Commission, Mexican media giant Televisa said it has "decided to work together" with five investment firms to bid for Univision. One of those firms, Cascade Investment, is the personal investment manager for Microsoft Chairman Bill Gates. With a net worth of more than $50 billion, Gates ranks as the richest person on the planet.
The other firms in the deal are Bain Capital Partners, Blackstone Management Associates, Carlyle Investment Management and Kohlberg Kravis Roberts & Co. Currently, Univision has a market value of nearly $11 billion.
Mexico City-based Televisa already owns about 16.5 percent of Univision's shares. However, federal regulations prohibit a foreign company from owning more than 25 percent of U.S. broadcast properties, forcing Televisa to seek U.S.-based partners in any takeover bid for Univision.
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