The $12.3 billion sale of Univision, the nation’s largest Spanish language broadcaster, to five private equity firms was approved Tuesday by the FCC, which also assessed a fine of $24 million for past violations of FCC rules that require licensees to televise at least three hours of children’s educational programs per week. Univision commands an 80% share of the fast-growing U.S. Spanish-language media market through its ownership of 114 full power TV and radio stations, the TeleFutura broadcast network and cable TV channel Galavision, Broadcasting Media Partners, a consortium consisting of Madison Dearborn Partners, Providence Equity Partners, the Texas Pacific Group, Thomas H. Lee Partners and the Saban Capital Group, will assume control of Univision in exchange for a cash payment of $12.3 billion plus the assumption of $1.4 billion in Univision debt. As a condition of FCC approval, Univision also agreed to enter into a consent decree through which it pledged to submit a payment of $24 million and to improve the quality and quantity of its children’s programming. (Responding to petitions filed in connection with the renewal of Univision station licenses in Cleveland and San Francisco, the FCC found that Univision had filled time slots allocated for educational programs with Hispanic soap operas known as telenovelas.) Touting Univision as the “fastest growing media company in the country,” incoming Univision CEO Joe Uva said, “I am very excited to begin working with the company’s strong leadership . . . to build on the great success for which Univision is so well known.”