The FCC's Media Bureau has approved the Univision Holdings sale of majority ownership interest in the Spanish-language media company and its broadcast properties (65 TV stations and 58 radio stations) to investment firms Searchlight Capital Partners, LP, and ForgeLight LLC, reports Multi-Channel News.
The bureau's approval is conditioned on the sale of three Puerto Rico television stations -- WLII-DT and two satellite stations, WSUR-DT and WOLE-DT -- to comply with FCC local ownership rules.
The FCC is also granting Univision's petition for a declaratory ruling that the resulting company be allowed to exceed the 25% cap on foreign ownership, conditioned on compliance with the Justice Department's letter regarding national security and law enforcement issues.
"We find that it would not be in the public interest to prohibit the aggregate foreign equity and voting interest in Univision to exceed 25% and to increase the interest up to and including 100% voting and equity," the FCC said.
Grupo Televisa, through Multimedia Telecom, will retain its 36% stake in Univision, with SearchLight and ForgeLight buying the other 64% from investor groups Madison Dearborn Partners, Providence Equity Partners, TPG, Thomas H. Lee Partners and Saban Capital Group. Via a subscription agreement, Liberty Global also winds up with an 11.6% stake.
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