Univision Communications Inc. exercised an option to buy two television stations in Puerto Rico for about $190 million.
The stations, WLII (TV) and WSUR (TV), are owned by Raycom but Univision has been operating them under a time brokerage agreement for two years.
The deal will give Univision its first TV stations in Puerto Rico. Previously, the company had only directly owned radio stations on the island.
J.B. Hanauer media analyst David Joyce estimates that the deal comes to around 14.5 times estimated 2005 cash flow. WSUR is in Ponce;WLII is in Viejo San Juan.