The five private-equity firms selling out of Univision are ending their soap opera on a downer. The broadcaster’s new owners seek a happier plot, writes richardbeales1.
Univision Communications said on Feb. 25 that Searchlight Capital Partners and ForgeLight have agreed to buy a 64% ownership interest in the Spanish-language broadcaster.
Televisa, a Mexico-based media group, has elected to retain its approximate 36% stake in Univision’s fully diluted equity capital on an as-converted basis. Univision said last July it was exploring a sale. It was bought by private equity firms TPG Capital, Thomas H. Lee Partners, Madison Dearborn Partners, Providence Equity Partners and Saban Capital in 2007 for $13.7 billion, including debt. These firms are selling their stakes to Searchlight and ForgeLight.
Wade Davis, founder of ForgeLight and formerly finance chief at Viacom, will become chief executive of Univision, the company said.
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