Private investment firm Searchlight and investment company ForgeLight are acquiring a majority ownership interest in Spanish media giant Univision.
The two companies are acquiring 64% ownership interest in Univision, which ranks among the top five broadcast networks in primetime with Hispanic adults aged 18-49. Univision is a destination for entertainment, Spanish-language news and sports.
The deal is expected to close later this year and will see ForgeLight founder and former Viacom chief financial officer Wade Davis take up the role of CEO of Univision.
Searchlight and Forgelight will also partner closely with Televisa, which gives the company exclusive access to the world’s largest Spanish-language video library.
The acquisition is from all stockholders of Univision except for Spanish-speaking media company Televisa, which will retain its approximately 36% stake in Univision’s equity capital. Televisa’s program license agreement with Univision will not expire unless Televisa voluntarily sells a large portion of its ownership stake.
The terms of the transaction weren’t disclosed.
“We are a re-energized and refocused company, and today marks the start of an exciting new chapter with partners that recognize the excellent position Univision is in,” said Vince Sadusky, chief executive officer of Univision.
“Televisa’s decision to maintain its partnership and ownership stake in Univision strongly reflects our deep confidence in Searchlight and Wade’s leadership, as well as the continued positive outlook we have for Univision as a long-term strategic investment,” added Bernardo Gomez and Alfonso de Angoitia, co-chief executive officers of Televisa, in a statement.