NEW YORK (AdAge.com) -- Univision Communications' deal to acquire leading Spanish-language radio company Hispanic Broadcasting Corp. cleared a regulatory hurdle when the U.S. Department of Justice reached an agreement to clear the deal under several conditions.
regulators, Univision will have to convert its share of TV station owner Entravision Communications Corp. into non-voting stock and reduce its 27% stake in Entravision to 15% in three years and to 10% in six years.
In order to satisfy antitrust
|
Univision announced the deal in June 12 to acquire HBC for $3.5 billion in stock, planning on a year-end closing. In September, the companies received a request for more information from Department of Justice regulators in the antitrust review, which caused a delay in closing.
The deal is now expected to close around March 14, subject to approval by shareholders and the Federal Communications Commission.
