HispanicBusiness

Since the deal was closed in December 2010, Univision has done some restructuring of its debt to repay a portion of its 2015 senior notes.

"The refinancing of Univision's debt was completed on terms that exceeded our expectations, reflecting the financial community's confidence in our business and its future," Mr. Uva said in a statement.

All the principals involved in the agreement expressed similar sentiments in various news releases about the completion of the deal.

Emilio Azcárraga Jean, chairman of the board and chief executive officer of Grupo Televisa said, "This agreement gives us very attractive strategy platforms to continue distributing our content in the U.S. market."

Mr. Saban, chairman of Univision Communications, spoke on behalf of Univision's owner Broadcasting Media Partners: "With the expansion and extension of the PLA, Univision can now better serve our audience. This further strengthens our unique relationship with the dynamic U.S. Hispanic community."

Alfonso de Angoitia, executive vice president of Grupo Televisa, said: "We have been working with Univision since the initial announcement to better explore the opportunities that can be created. ... We are very enthusiastic about the opportunity to create additional value to shareholders of both companies through these initiatives."

That, of course, is the main goal of any public or private company, to create additional value. But could there be something beyond value in the works?

U.S. Market Offers Wealth
When the agreement was first announced in October 2010, Gregorio Tomassi, a media analyst at Banco Santander in Mexico, told Variety magazine that the "agreement is well structured and signifies a new era for Televisa in the share of wealth it can capture in the U.S. market."

Miller Tabak's Mr. Joyce said: "This deal helps Televisa's valuation because they're getting it much cheaper than if they had bought Univision in the privatization. The ramp up of royalty rates in 2011--with a higher rate and a broader base of programming--helps Televisa's stock.

Though the agreement looks to be an effort to shore up a financially strapped Univision, it actually brought Televisa some perks beyond any monetary gains from its investment. As part of the agreement, three Televisa representatives joined the Univision board of directors: Mr. Azcárraga; Mr. de Angoitia; and Enrique F. Senior Hernández, managing director of Allen & Co., which advised Televisa during the negotiations, and a member of the Televisa board of directors. A fourth person with ties to Televisa, José Bastón Patiño, president of television and contents, and a member of Televisa's executive committee, was named alternate member to the Univision board.

And, as José Cancela, principal of Hispanic USA Inc., noted in his Dec. 10, 2010, blog, Mr. Azcárraga picked up "the keys to the Univision news division."

What that brought about was reorganization at Univision. Out was 25-year veteran Alina Falcón as president of news and in was Isaac Lee, whom Mr. Cancela called the longtime confidant of Mr. Azcarraga. Also, Alexander Brown was named president of sports. He previously had been the chief executive officer for Petry Holding, a media representation firm.

In making the changes, Univision said Ms. Falcón had decided to leave her position heading up both news and sports to consult on special projects. Mr. Lee had recently been chairman and editor in chief of Poder, a business magazine and website owned by Televisa. He also served as editor in chief of Semana, a news magazine in Colombia, and as editor of the Latin American news magazine Cromos.