Univision owners look to cash out with IPO
By Brian Stelter @brianstelter
Univision’s private equity owners have been talking about cashing out for years. Now they’re taking their most concrete step yet — enlisting big banks to underwrite an IPO.
Goldman Sachs (GS) and Morgan Stanley (MS) will jointly lead an initial public offering, possibly sometime later this year, according to an executive familiar with the plans.
Univision’s plans could change, as they have before. But if they progress, the stock offering would be a landmark moment for the biggest Spanish-language broadcaster in the United States.
Last year Univision’s owners held talks with a number of potential buyers, including Time Warner (TWX), the parent company of this web site, and CBS.
Those talks weren’t fruitful, and now the network is pursuing an IPO.
Reuters first reported the IPO plans on Tuesday and said a third bank, Deutsche Bank (DB), will also be involved. Reuters said the IPO could “raise more than $1 billion and value the private equity-owned company at as much as $20 billion, including debt.”
Last summer, when the talks with Time Warner and CBS were reported, The Wall Street Journal said Univision’s owners were seeking “north of $20 billion.”
The company’s owners include Haim Saban’s Saban Capital Group, TPG Capital, Thomas H. Lee Partners, Providence Equity Partners, and Madison Dearborn Partners.
Saban led the acquisition back in 2007 for $13.7 billion, including debt.
A spokeswoman for Univision declined to comment on Tuesday night, as did representatives for the banks.