Univision to Seek Buyer After Selling Online Assets

(Bloomberg) -- Univision Communications Inc. is seeking possible bidders as part of a plan by the Spanish-language broadcaster to explore strategic options.

The process is just getting started, and the company said Wednesday there's no assurance the review will lead to a deal. The broadcaster has retained Morgan Stanley, Moelis & Co. and LionTree LLC as advisers.

“As the last major independent broadcast media company in the U.S., a market where scale and strength matter, Univision has the fundamentals for continued growth on its own or with a partner,” the company said.

Unvision failed at past efforts to arrange a sale and scrapped an initial public offering in March 2018. But the company has taken steps to improve its operations in recent months, selling off digital businesses like the Gizmodo Media Group, which included the online brands Jezebel and Deadspin, among others. That could make it more appealing to potential bidders.

The broadcaster has struggled financially since a 2007 leveraged buyout. The company said it finished 2018 with $7.4 billion in debt. In 2017, Univision rejected an offer from cable TV billionaire John Malone that valued the company at $13.5 billion to $15 billion.

To contact the reporter on this story: Gerry Smith in New York at gsmith233@bloomberg.net

To contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net, Rob Golum, Josh Friedman

©2019 Bloomberg L.P.