Univision Said Eyeing Second Half of Year for $1 Billion IPOby , , , and
Company said to aim for market value of at least $6.5 billion
Shares to be sold by company, proceeds will go to repay debt
Univision Holdings Inc., the largest Spanish-language broadcaster in the U.S., is aiming for the second half of the year for its initial public offering that could raise as much as $1 billion, according to people with knowledge of the matter.
The New York-based company is waiting for better market conditions to sell its shares to the public, the people said, asking not to be named because the discussions are private. No final decision has been made on the timing of the deal, the people said.
Univision would hold the IPO, first announced in July, if it expects its market value to surpass $6.5 billion for the offering, the people said. Shares will be sold by the company and proceeds will be used to repay debt and for other corporate expenses, Univision said in July. The prospectus didn’t say how many shares the company will sell or how much each share will cost.
The network was taken private in 2007 in a $12.3 billion leveraged buyout by a group of investors led by Saban Capital Group Inc. and including Madison Dearborn Partners, Providence Equity Partners Inc., TPG and Thomas H. Lee Partners. In 2010, Grupo Televisa SAB, Mexico’s largest TV provider, bought a 5 percent equity stake and debt that could be converted into an additional 30 percent holding.
Morgan Stanley, Goldman Sachs Group Inc. and Deutsche Bank AG are leading the offering.
Officials for Univision and Providence declined to comment. Representatives for Televisa, Saban, Madison Dearborn, TPG and Thomas H. Lee did not respond to requests for comment.
In a separate statement Thursday, Univision said it became the sole owner of the programming venture, Fusion. The media group had previously been a joint venture with Walt Disney Co.’s ABC, which terminated its involvement with the network for English-speaking Hispanics and millennials.