Plans for Univision’s public offering have been back and forth like a fiddler’s elbow for about a year now, but our tipsters say the talk is now focused on a fall launch.
Univision — backed by Saban Media Group, Providence Equity, TPG and Thomas H. Lee Partners — first announced plans to go public a year ago.
Original hopes to list in December 2015 turned into the first quarter of 2016. Now a post-election time frame is offering the right conditions, an insider says.
Morgan Stanley and Goldman Sachs are advising.
One indication that Univision is finally in preparation mode was a little-reported petition to the FCC Media Bureau seeking to allow Univision to accept foreign investment over the 25 percent benchmark.
Univision and its chief program provider, the Mexican media giant Televisa, are asking the FCC for approval to allow up to 49 percent aggregate foreign investment and up to 40 percent equity and voting interest. The FCC will give its answer on Sept. 7, according to the filing.
Televisa, run by Chief Executive Emilio Azcarraga Jean, currently owns 10 percent of the Spanish-language media giant and provides 50 percent of Univision’s content across broadcast, cable and online platforms. Televisa had attempted to acquire Univision back in 2006, but lost out to the Saban-backed group, which paid $11.1 billion, or $36.25 per share. Looks like Televisa may get to take a second bite at the cherry.
Investors in the expected offering may have some questions about how Univision’s lawsuit against John Malone-backed Charter Communications proceeds. Charter, which bought Time Warner Cable, wants the combined company to pay TWC’s lower carriage rates to carry Univision-owned channels. Univision, one of the most highly compensated broadcasters, believes that Charter/TWC should pay Charter’s rates, which are higher.