Perenchio Television Inc. completed the previously announced purchase of Univision from Hallmark Cards Inc. for $ 550 million.
Perenchio also said the Federal Communications Commission has approved the elements of the transaction involving transfer of the Univision Station Group licenses to the buying group.
As reported, the sale includes nine full-power TV stations, four low-power TV stations and two TV translator stations.
Perenchio Television is an investor group led by A. Jerrold Perenchio, who owns 75% of the group, and in which Grupo Televisa of Mexico and Venevision of Venezuela both hold 12.5% stakes.
Univision is the largest Spanish-language media and marketing services company in the U.S.
Perenchio financed the acquisition through a combination of equity, debt and bank financing. Part of the borrowings included a $ 140 million private placement of senior subordinated notes managed by Bear Stearns and Donaldson, Lufkin and Jenrette.