Univision, the largest-selling Hispanic television network in the United States, announced Tuesday that it has completed the sale of a majority stake in its shareholdings to investment firms Searchlight Capital Partners and ForgeLight LLC.
The operation, already announced last February, is now closed after completing all requirements, including the approval of regulators.
The new owners will control 64% of Univision’s capital, while the Mexican media group Televisa will retain 36% of the property it had until now and will maintain its agreement with Univision for the dissemination of its contents in the United States.
Executive Wade Davis, former chief financial officer of media conglomerate Viacom and founder of ForgeLight, becomes the new CEO of Univision with the closing of the operation.
“I am honored to partner with Searchlight and Televisa to begin this exciting new stage for Univision,” Davis said in a statement, adding that with the support of the two television channel companies he will be able to “take full advantage.” its potential as a “leading Hispanic content company in the United States.”
“Univision’s recognized and trusted brand, its consistent performance and its leadership in serving a large and growing consumer audience, provide us with an unparalleled opportunity to achieve even greater success,” he added.
Univision, headquartered in New York City but much of its operations near Miami, is the most powerful Hispanic chain in the United States.
Its main rival in this market is Telemundo, owned by the NBC Universal group, which in turn is controlled by media and telecommunications giant Comcast.