Univision Eyes Stock Buyback from Clear Channel1/06/2004 5:48 AM Eastern
Univision Communications Inc. said Tuesday that it will offer 15,815,999 shares of class-A common stock to the public.
The company plans to use the entire net proceeds from the offering to repurchase all 15,815,999 shares of Univision class-A common stock currently held by a subsidiary of Clear Channel Communications Inc.
The shares repurchased by Univision will be cancelled immediately upon repurchase, and there will be no dilution to earnings or cash flow per share, the company said.
Clear Channel will no longer own any of Univision's common stock upon completion of the transaction, Univision added.
Univision detailed the offering in a shelf registration statement filed with the Securities and Exchange Commission Dec. 5 and effective Dec. 15.