A Jerrold Perenchio

A. Jerrold Perenchio, chairman of the nation's leading Spanish-language television broadcaster, has filed to sell more than $750 million worth of his stock in the company, Los Angeles-based Univision Communications Inc., the company said Wednesday. The sale of 20.4 million shares of Univision will decrease Perenchio's holdings from 40% to 20% of the company. He will still retain 78.5% of the voting power of all stock, down from his current 92%.

The Federal Communications Commission on Wednesday approved the sale of nine Spanish-language TV stations and their affiliated Univision network to a company owned by Hollywood investor A. Jerrold Perenchio, Mexican media baron Emilio Azcarraga and a Venezuela-based communications concern. The FCC's approval of the $550-million sale of the TV stations owned by Hallmark Cards surprised many observers, who didn't expect the FCC to take action until early next year.

The National Hispanic Media Coalition filed a petition with the Federal Communications Commission on Thursday asking that it deny the sale of the Univision Spanish-language television network and its nine stations to a group that includes Latin American investors. The coalition, which is made up of 25 Latino organizations, objected to the proposed $550-million sale on the grounds that it would lead to a decline in the amount of U.S.-produced programming on Univision, a loss of jobs for U.S.

In the early 1980s, when Mexican media magnate Emilio Azcarraga ran the Spanish-language television network now known as Univision, the lion's share of programming originated in Latin America, with much of it produced at Televisa, Azcarraga's own multimillion-dollar studio in Mexico City. Since Azcarraga sold the network to Hallmark Cards Corp.

Hallmark Cards, which stirred controversy when it became the nation's largest Spanish-language broadcaster four years ago, said Wednesday that it had reached an agreement to sell its nine TV stations and Univision TV network to a group led by investor A. Jerrold Perenchio for $550 million. The sale would signal a dramatic upheaval in the Spanish-language TV market, as Univision likely would be merged with one of its top competitors, the Galavision network.

Three Californians have been accused by a bipartisan watchdog commission in Washington of exceeding federal limits on campaign contributions before the 1990 election. Joseph J. Bogdanovich of Rolling Hills, chairman of Sun-Kist Foods; A. Jerrold Perenchio of Los Angeles, a former producer with Embassy Pictures, now with Chartwell Partnership; and Peter B.

Time Inc. won a minor skirmish in its battle against the takeover bid of Paramount Communications Wednesday when a Delaware judge rejected three big shareholders' motions for postponement of Time's annual meeting scheduled for Friday. Meanwhile, shares of Paramount surged again on heavy volume amid renewed rumors that the hostile bidder may find itself the target of a takeover attempt. Time has made a $70-a-share offer for Warner Communications as a defense against Paramount's bid. The shareholders--Texas billionaire Robert M. Bass, Hollywood producer A. Jerrold Perenchio, and cable operator Cablevision Systems Inc.--contended that Time hadn't properly informed shareholders about the events that have transpired since proxy materials were mailed May 22. Paramount made a $175-a-share bid for the company June 7, then increased it to $200 a share last Friday.

Time Inc.'s board of directors moved swiftly Monday to reject as "inadequate" the sweetened $12.2-billion bid for Time that Paramount Communications made only last Friday. The reaction was widely expected. Time also attacked the new Paramount bid in federal court, only to be slapped in turn with a surprise Delaware lawsuit filed by a powerful group of investors who--until Monday--had refused to confirm their stakes in Time. Among other things, the latest Delaware suit seeks to force Time to negotiate with Paramount.

The group, which includes former U.S. Ambassador to Mexico John Gavin, has decided not to bid on Los Angeles television station KMEX and four other Spanish-language stations, according to Robert Cahill, executive vice president of Chartwell, a company that is privately owned by businessman A. Jerrold Perenchio. Cahill did not provide an explanation.

Departing U.S. Ambassador to Mexico John Gavin has joined an investor group led by A. Jerrold Perenchio to bid on Los Angeles television station KMEX and four other Spanish-language outlets across the country, Perenchio said Tuesday. Gavin will be a minority shareholder and a director of the joint venture, which hasn't yet made an offer for the five stations and hasn't even been named, Perenchio said in an announcement with William Thompson of Boston Ventures Ltd. Partnership.