Los Angeles billionaire A. Jerrold Perenchio on Thursday waved adios to the business he has spent nearly 15 years building into the nation’s foremost Spanish-language media company, Univision Communications Inc., the Los Anegels Times reports.

As expected, the sale of the Century City-based company for $12.3 billion closed Thursday, two days after winning the blessing of the Federal Communications Commission.

The new owners, a consortium of investors including another Los Angeles billionaire, Haim Saban, paid $36.25 a share to buy out Univision stockholders, taking the company private.

The 76-year-old Perenchio , a former talent agent, boxing promoter, and music, TV and movie producer , collected $1.3 billion for his 11.5% stake.

That’s a hefty return on the $33 million that Perenchio paid when he joined two Latin American media moguls to buy Univision from Hallmark Cards Inc. in 1992 for $550 million.

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