On April 8, 1992, Hallmark sold Univision to a group that included Los Angeles-based investor A. Jerrold Perenchio (a former partner in Norman Lear's Embassy Communications, who was outbid by the Hallmark-led consortium for the network in 1987), Emilio Azcárraga Milmo, and brothers Ricardo and Gustavo Cisneros (co-owners of Venezuelan broadcaster Venevision) for $550 million, in order to refocus its television operation efforts on cable provider Cencom Cable Associates, which it acquired the previous year for about $500 million. In order to comply with FCC rules on foreign ownership of television stations, the deal was structured to give Perenchio a controlling 75% interest in Univision's station group and 50% ownership of the network itself; Azcárraga and the Cisneroses held a 25% stake in the network and a 12.5% stake in the station group. The deal placed Univision under common ownership with competing cable channel Galavisión, which the Azcárraga-run Grupo Televisa owned at the time.
