Grupo Televisa says it will invest $1.2 billion in Univision Communications, extending and expanding a license deal between the Spanish-language media companies.

Televisa will also contribute its 50 percent stake in its TuTV joint venture with Univision.

In exchange, it will get a 5 percent stake in Univision, as well as debentures convertible into another 30 percent stake in the future. It will also have the option to buy another 5 percent stake in Univision, bringing the total to a possible 40 percent stake.

The companies say three Televisa representatives will join Univision's board, which will increase to 20 members.