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FEBRUARY 15, 2005

Reality TV: Univision's Perenchio Tries to Solidify Control

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LOS ANGELES -- A falling-out between the man who controls Univision Communications Inc. and two minority shareholders -- including a 36-year-old Mexican mogul who aspires to buy the company -- is raising questions about the future of the largest Spanish-language broadcaster in the U.S.

The battle pits A. Jerrold Perenchio, Univision's 74-year-old chairman, chief executive and controlling shareholder, against Vice Chairman Emilio Azcarraga, a powerful minority shareholder who heads Mexico's Grupo Televisa SA, which provides the bulk of Univision's programming.

Last week, Mr. Perenchio moved to solidify his control of Univision, which is based in Los Angeles, by promoting a ...