In March 2007, Univision Communications, Inc. was sold to Broadcasting Media Partners, Inc. which includes Madison Dearborn Partners, LLC, Providence Equity Partners Inc., TPG Capital, L.P., Thomas H. Lee Partners, L.P., and Saban Capital Group Inc.
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Romano was a member of the Board of Directors for Univision Communications between 1995 and 1998, where he was responsible for leading numerous high profile transactions, including the sale of PanAmSat to Hughes Electronics; the formation of Via Digital DTH venture for the Iberian Peninsula; and the Sky Latin America joint venture with The News Corporation, Organizacoes Globo and TCI.
In 1986, Tichenor decided to exit the English-language broadcasting market by selling KGBT-TV to the Draper Holdings Business Trust, the owner of WBOC-TV in Salisbury, Maryland; Tichenor retained the KGBT radio stations until 2003 when their company (which became the Hispanic Broadcasting Corporation by the late 1990s) merged with Univision Communications.