Searchlight Capital Partners and ForgeLight LLC are now majority owners of the Hispanic group, while the remaining 36% will still be owned by Televisa. Wade Davis will become CEO of Univision once the operation is closed.
Univision shareholders have reached an agreement in the last hours to sell the majority of its stock to Searchlight Capital Partners and ForgeLight LLC.
The agreement contemplates the sale of 64% of the company. The remaining 36% will remain in the hands of Televisa, which has decided to retain its participation and continue with the execution of the Programming Licensing Agreement, which has been strategic for the success of both Univisión and Televisa.
“At Televisa we are very satisfied and excited with the announcement of a new control structure at Univision and we thank Searchlight Capital Partners and ForgeLight for the invitation to continue being their strategic partners and main content providers,” Televisa said in a statement.
“We also thank them for manifesting their interest in further strengthening synergies between the companies, an effort in production and transmission of the best content for the Spanish-speaking population in the US.”
Veteran media executive Wade Davis will become executive director (CEO) of Univisión as soon as the operation is closed.
“I am honored to partner with Televisa and Searchlight to help manage Univision in this next phase. Televisa has a history shared with Univision that dates back many years and a deep strategic relationship today. The context, knowledge and strategic content that Televisa brings to Univision have been key to the company’s success, “said Wade Davis.
“I have worked with Searchlight as a limited partner, board member and friend since the team founded the firm. They are among the smartest and highest value-added investors in our industry and there is no one with whom I prefer to partner in this transaction. This group of owners can support the incredible Univision team to offer even more value to their advertisers, distributors and, most importantly, their audience. ”
The new majority shareholders, Searchlight and ForgeLight, will contribute their experience and knowledge of the sector to consolidate the leadership of Univision, enhancing the great moment it’s going through in terms of content and programming.
The purpose is to accelerate growth, expand the portfolio of advertising products, improve the digital presence and continue using the Televisa product, the best in its class.
Univision is a recognized and reliable brand among Hispanics in the United States in terms of news, sports and entertainment. Univision News surpasses among Hispanic adults any broadcast television network regardless of language by more than 34% and any cable network by more than 89%.