Former Univision CEO Jerry Perenchio Dies at 86

Jerrold “Jerry” Perenchio, a media mogul who helped transform Univision Communications into the the top Spanish-language media company, has died. He was 86.

Perenchio died after a battle with lung cancer, according to the Los Angeles Times.

Perenchio, Emilio Azcárraga Milmo and Gustavo Cisneros bought Univision in 1992 from Hallmark Cards Inc. for $550 million. At the time, the fledgling company consisted of a handful of television stations. 

The California native served as Univision’s chief executive until 2007 when the company was sold to a group of investors led by Haim Saban for $12.3 billion.

At the time of sale, the once cash-strapped Univision boasted multiple TV stations, radio stations and music labels.

Perenchio persuaded Azcárraga early on to allow Univision to air the Mexican telenovelas from Azcárraga’s Grupo Televisa. Televisa continues to supply the bulk of Univision’s programming.

In addition to his broadcasting prowess, Perenchio made investments in Los Angeles-area land and in 2014 announced plans to donate $500 million worth of art — including works from Edgar Degas, Pablo Picasso and Claude Monet — from his personal collection to the Los Angeles County Museum of Art.