U.S. Spanish-language broadcaster Univision Communications says it has agreed to sell the company to a consortium of investors for $12 billion.
Univision is the largest Spanish-language broadcaster in the United States. The company owns three major television networks, including Univision, TeleFutura and Galavision.
A group of buyers, including Saban Capital Group, Madison Dearborn Partners, Providence Equity Partners, Texas Pacific Group and Thomas H. Lee Partners, will pay $36.25 a share for the company, about 13 percent more than the price of company shares on the stock market at the close of business on Monday.
Reports said Univision had been seeking $40 a share when the company was put up for sale.
Univision's board decided in February to explore options for selling the company. The directors turned down a rival takeover bid from a group led by Mexican broadcaster Grupo Televisa SA.
Some information for this report was provided by AP and Reuters.