Company plans to offer 15.8 million shares to public

Spanish-language media company Univision Communications says it plans to offer 15.8 million shares of its common stock to the public and will use the proceeds to repurchase a stake held by Clear Channel Communications.

Univision says that the 15.8 million shares it buys back from CCC will be immediately canceled and will not result in any dilution of earnings or cash flow. Univision says CCC will no longer own any of its stock after the transaction.

The offering is being underwritten by Citigroup Global Markets and UBS Securities.

Stock in L.A.-based Univision-which has substantial TV, radio, Internet and label holdings-closed yesterday down $1.69, or 4.23%, at $38.24.