Shareholders of Spanish-language broadcaster Univision Communications voted in favor of selling the company for $12.3 billion to a private investor group that included media mogul Haim Saban, an Associated Press report said.
The report said 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 the company's outstanding shares.
In addition to what it was offering for the shares, the investment group would assume $1.4 billion in Univision debt, the report added. The transaction must still pass regulatory approval, but was expected to close next spring.
The consortium of investors included Madison Dearborn Partners, Providence Equity Partners, Texas Pacific Group, Thomas H. Lee Partners and Saban's Saban Capital Group, the report said.
The report further said Univision dominated the US 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.