Univision, Privately Owned for More Than a Decade, Explores Sale -- Update
July 03 2019 - 7:54PM
Dow Jones News
By Benjamin Mullin and Cara Lombardo
Univision Communications Inc. is exploring strategic options
including a possible sale, a process that could culminate in a
long-sought deal for the Spanish-language broadcaster's
private-equity owners.
Univision said Wednesday it had hired Morgan Stanley, Moelis
& Co. and LionTree as advisers to assist with the process. The
Wall Street Journal had reported earlier Wednesday that the
broadcaster was exploring strategic options.
There can be no assurances as to the timing or outcome of the
review, Univision said in a statement.
Univision is hoping the company could attract interest from
large media companies looking to add Spanish-language programming
to their assets, people familiar with the matter said. In 2017,
Univision turned down an offer from cable tycoon John Malone that
valued the company at between $13.5 billion to $15 billion.
Univision's backers, which include billionaire Haim Saban's
Saban Capital Group and private-equity firms Madison Dearborn
Partners and Providence Equity Partners, among others, have been
eager for an exit.
Univision is grappling with debt, the consequence of a $13.7
billion leveraged buyout in 2006 when the company was taken
private. The company said it finished 2018 with $7.4 billion in
debt but reduced its total debt by $547 million last year.
After a period of turbulence in Univision's upper ranks, the
company made a number of changes. It brought in media industry
veteran Vincent Sadusky as chief executive last year to succeed
Randy Falco.
"Over the past year, Univision has gained momentum as it has
divested non-core assets," Mr. Sadusky said in a statement
Wednesday.
This spring, it agreed to sell off its Gizmodo Media Group unit
-- which included English-language sites like Jezebel, Deadspin and
Lifehacker -- to private-equity firm Great Hill Partners.
Write to Benjamin Mullin at Benjamin.Mullin@wsj.com and Cara
Lombardo at cara.lombardo@wsj.com
(END) Dow Jones Newswires
July 03, 2019 19:39 ET (23:39 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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