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Telemundo OKs Merger

New York -- Telemundo Group Inc. shareholders last
Tuesday approved the merger of Spanish-language TV network Telemundo and TLMD Station
Group Inc.

About 92 percent of Telemundo shares voted for the merger,
in which Telemundo holders will get $44 per share at closing. The deal was struck in
December and, in the end, current Telemundo insiders Apollo Investment Fund III L.P. and
Bastion Capital Fund L.P. will own 50.1 percent of TLMD, and Liberty Media Group and Sony
Pictures Entertainment Inc. will own just under 25 percent each.