Tuesday, September 9, 2003

Business digest

Spanish-language broadcaster can grow

WASHINGTON - The government will allow Univision Communications Inc., the nation's largest Spanish-language media conglomerate, to expand its reach in the growing Hispanic community by purchasing Hispanic Broadcasting Corp. for $3.5 billion, Federal Communications Commission officials said Monday.

The FCC's three Republican commissioners support the merger, while the two Democrats oppose it, said two agency officials, who spoke on condition of anonymity. An official announcement of the FCC vote had been expected late Monday but was delayed for unknown reasons.

Under the plan, Los Angeles-based Univision would acquire HBC's 63 radio stations. The company then would have to sell two radio stations as a condition of the FCC's approval, one of the officials said.

With the merger, Univision would have the top Spanish-language broadcast TV network, cable channel, record label, Internet site and radio network, as well as the largest group of television and radio stations.

T-bill rate declines from previous week

WASHINGTON - Interest rates on short-term Treasury securities declined in Monday's auction.

The Treasury Department sold $15 billion in three-month bills at a discount rate of 0.935 percent, down from 0.970 percent last week. An additional $15 billion was sold in six-month bills at a rate of 1.010 percent, down from 1.040 percent.

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Business digest