the No. 1 Spanish-language broadcaster in the U.S. -- would maintain the exclusive rights in the U.S. to air the Televisa telenovelas through 2025. As part of the agreement, Televisa earlier this fall provided Univision $1.2 billion in exchange for a 5% stake in the New York-based media giant. The arrangement allowed Univision to refinance some of its debt incurred in the 2007 leveraged buyout of the company.

Univision Communications, which owns three television networks (Univision, Telefutura, Galavision)and a chain of Spanish-language radio stations, is owned by Los Angeles billionaire Haim Saban and private equity firms Providence Equity Partners, Madison Dearborn Partners, Texas Pacific Group of fort worth and Thomas H. Lee Partners