The investment team led by Mexico¿s Televisa (TV) - Get Report managed to salvage its bid for Spanish-language media company Univision (UVN) .

The group made an offer Friday worth about $11 billion, according to a report in

The Wall Street Journal

that cited people familiar with the matter.

The Televisa team regrouped after losing three key investment partners -- Kohlberg Kravis Roberts, the Blackstone Group and the Carlyle Group -- earlier in the week. Their departures threw the auction into disarray. The Televisa team¿s remaining investors rounded up more funds to make a fully financed offer, the

Journal

reported. The team now consists of Televisa, Bain Capital and Cascade Investment, Bill Gates¿ private-equity arm.

Univision shares gained 15 cents Friday to $32.95. Televisa lost 14 cents, ending the session at $18.30.