A Univision sale is back on the table, 13 years after it was taken private for $14 billion. Readers of jennifersaba know how this one is likely to end: in disappointment for its private equity owners.
Univision Communications said on July 3 it is exploring a sale of the company. The Spanish-language broadcaster was bought by private equity firms TPG Capital, Thomas H. Lee Partners, Madison Dearborn Partners, Providence Equity Partners and Saban Capital for $13.7 billion in 2007.
In 2010, Mexican media group Televisa invested $1.2 billion in Univision in exchange for a 5% equity stake, debt convertible into a further 30% stake and the option to buy an additional 5%. According to its most recent quarterly report, Televisa's current stake in Univision would be 36% on a fully diluted and converted basis.
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