Grupo Televisa Buys $1.2 Billion Stake in Univision

Mexican television company Grupo Televisa (TV) apparently hasn't given up on its goal of getting closer to Univision, a New York-based broadcaster that airs Televisa's Spanish-language shows. Televisa -- which made a buyout bid for Univision in 2007, but lost out to Broadcasting Media Partners -- says it will invest $1.2 billion in Univision Communications, according to The Associated Press.

The investment will give Televisa a 5% stake in the Univision and the option to grow that stake to 40% via convertible debt, the AP reported. The deal also calls for Televisa to give Univision 50% of its TuTv joint venture and extend its content agreement from 2017 to 2020.

Current U.S. laws prevent foreign companies from holding a 25% stake in a broadcasting company, and it's unclear how Televisa might structure an arrangement to get around that issue if it pursues a 40% holding.