Terms of the transaction were not disclosed.
Televisa, a leading media company in the Spanish-speaking world, has elected to retain its approximate 36 percent stake in Univision's fully diluted equity capital on an as converted basis. Televisa's Program License Agreement with Univision will remain in effect and will not expire unless Televisa voluntarily sells down a substantial portion of its ownership stake, at which point the agreement would remain in place for an additional 7.5 years. The agreement, which is one of Univision's most strategic assets, provides the company exclusive access to the largest Spanish-language video library in the world.
Under the terms of the acquisition, Searchlight and ForgeLight will purchase the remaining 64 percent ownership interest from the other stockholders of Univision, led by an investor group including Madison Dearborn Partners, Providence Equity Partners, TPG, Thomas H. Lee Partners and Saban Capital Group. Searchlight and ForgeLight will partner closely with Televisa and Wade Davis, founder of ForgeLight, who will become CEO of Univision upon close of the transaction. The transaction, which is subject to customary closing conditions including receipt of regulatory approvals, is expected to close later this year.
Univision has performed strongly and consistently, with recent highlights including:
- Univision ranked among top five broadcast networks in prime time with Hispanic adults 18-49 for the 16th consecutive year
- In the fourth quarter, Univision had the fastest growing portfolio of networks in prime time, regardless of language, among the top-10 U.S. media holders
- UniMás, Univision's second broadcast network, boasts 41% prime time audience growth season to date versus prior period
Uforia Audio Network, is the radio broadcasting and music events division of Univision Communications. Formerly known as Hispanic Broadcasting Corporation and Univision Radio, It is the eighth largest radio company in the United States, and the largest Hispanic radio company in the nation. Uforia is also the name of an app that streams all its radio stations, as well as specialty internet streams, it's the first said app with a predominantly Spanish-language interface in the Americas. It is headquartered in Los Angeles, California.