Two firms have acquired majority ownership of Univision Communications Inc., the largest provider of Spanish-language television in the U.S.
The investment firm Searchlight Capital Partners and the newly-created Forgelight LLC, a company founded by the former Viacom CFO Wade Davis, will acquire a 64 percent stake in the company when the deal is approved at the end of 2020. Terms of the transaction were not disclosed.
Televisa, the Mexican content provider that produces many of the Spanish-language soap operas, reality shows and miniseries aired on Univision, will keep its 36 percent stake in the company. Televisa’s program license agreement with Univision will remain unchanged.
Davis will become CEO of Univision once the sale closes. He will replace Vince Sadusky, who has held the position since former CEO Randy Falco retired in 2018.
“We are a re-energized and refocused company, and today marks the start of an exciting new chapter with partners that recognize the excellent position Univision is in,” Sadusky said in a press release. “I want to thank our talented employees for their hard work and dedication—I’m so proud of everything we have accomplished that has led us to this great outcome. Both Searchlight and Wade are wholly supportive of Univision’s core mission to entertain, inform and empower Hispanic America and fully embrace the commitment and special bond we have with our audience.”
“I am proud to partner with Searchlight and Televisa to lead Univision at such an exciting point in its history,” Davis said. “Univision’s leadership and connection with one of the most important audiences in the U.S. today creates an amazing platform to drive innovation, build market-defining content and create an even deeper relationship with its audience.”
Univision is headquartered in Miami. Most of its production facilities and studios are located in Doral.