LOS ANGELES, June 23 (UPI) -- An investing group led by Mexican media company Grupo Televisa has made an $11.2 billion bid for Univision Communications.
The largest Spanish-language media company in America, Univision had seen a tumultuous week of activity prior to the bid, with investors selling off their stock and a proposed deadline passing without any offers, The Los Angeles Times reported.
Televisa, which lost some of its financial backing earlier in the week, offered $36 a share.
The offer awaits approval from Univision's shareholders. At the end of business Friday, Univision's stock closed at $32.95 a share, up 4 cents for the day.
"We're confident that we will have the best position," a Televisa spokesman told the Times.
Televisa Chairman Emilio Azcarraga Jean reportedly has an extra reason to hope for the bid to be accepted. His grandfather helped launch Univision 45 years ago, and if the bid is accepted Jean would realize his goal of regaining control of the operation, the newspaper reported.
