Period: 1987–1992. A turbulent period begins when Univision and Telemundo launch. Telemundo’s founders are Wall Street “raiders” Saul Steinberg and Harry Silverman. Directed by Carlos Barba, Telemundo at first excels. Formerly SIN, Univision now is controlled by Hallmark, its head Irvine Hockaday. Directed by Joaquin Blaya, Univision counters Televisa’s high fees with two classic U.S.-produced Spanish-language shows: Sábado Gigante and Christina. However, the two networks divide audiences and suffer financially. At Telemundo, near bankruptcy, Steinberg ousts Silverman. Hallmark defaults on Univision’s debt. The first Hispanic Nielsen ratings, needed to attract advertisers, raise hopes for large revenues. However, Univision falls in the ratings when Blaya eliminates Televisa programs and initiates “domestic production.” Preferring foreign content, viewers reject further U.S.-produced shows. Hallmark sells Univision to Hollywood mogul Jerry Perenchio. He names Azcárraga part owner. Both eager to reinstate Televisa programs, largely telenovelas, in the U.S., Perenchio compels Azcárraga to sign a Program Licensing Agreement (PLA) by which Univision will pay Televisa a pittance for programs until 2017. Blaya is outraged. He resigns, becomes president of Telemundo, and stages a mutiny of Univision’s personnel.