Mexican media conglomerate Grupo Televisa attempted to gain a stake in its top U.S. Spanish-language rival, Univision, offering debt help to the struggling company.
Televisa had previously pledged to invest $1.2 billion, buying a total of 5 percent stake in the company.
Because Televisa is a foreign company, it is currently prohibited under the Communications Act of 1934 from owning more than 25 percent of a U.S. broadcast company.
On Tuesday, CNBC reported the company’s attempted investment is subject to Univision’s restructuring over $3 billion worth of its debt.
Televisa previously attempted to gain influence in its American counterpart by making a bid for the company in 2006. The acquisition was unsuccessful, as Televisa lost out to a group of leveraged buyout shops headed by Haim Saban.
While this move benefits Univision, it will need a lot more debt help in the coming years, as the company is currently saddled with a total of $10 billion of debt.
Univision attributes these current debt problems to a loss of advertising revenue during the U.S. recession.