FCC Approves Sale of Telemundo

Telemundo Group Inc. said that the Federal Communications Commission approved the $539-million sale of the Spanish-language broadcaster to a group that includes Sony Corp., Liberty Media Group and investor Leon Black. Shareholders, who will receive $44 a share in cash, approved the buyout in June. Telemundo’s larger rival, Univision Communications Inc., had asked the FCC to block the purchase, but that request was rejected. Univision is the largest Spanish-language TV network in the U.S., with about 80% of the Spanish-language audience. Telemundo is No. 2, with most of the remaining 20%. Shares of Miami-based Telemundo rose 50 cents to close at $43.94, a 52-week high on Nasdaq. Shares of Los Angeles-based Univision fell $1.13 to close at $36.50 on the New York Stock Exchange.