Shareholders of Univision Communications Inc. (UVN) approved a merger between UNV and Umbrella Holdings, LLC. Pursuant to the current understanding of the terms of the merger, each share of UVN Common Stock outstanding immediately prior to the consummation of the merger will be converted into the right to receive $36.25 cash, without interest, per UVN share. The merger is expected to become effective before the opening on Thursday, March 29, 2007.   This corporate action will be coordinated with the Options Clearing Corporation.

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