FCC Approves Acquisition of Univision by Broadcasting Media Partners
28 March 2007 - 5:57AM
Business Wire
Univision Communications Inc. (NYSE:UVN), the leading
Spanish-language media company in the U.S., today announced that
the Federal Communications Commission (FCC) has approved its
acquisition by Broadcasting Media Partners Inc. (�BMP�), an
investor group that includes Madison Dearborn Partners, Providence
Equity Partners, TPG, Thomas H. Lee Partners, and Saban Capital
Group. The acquisition, at a price of $36.25 per Univision share in
cash, is expected to close this month. �This important step paves
the way to close BMP�s acquisition of Univision,� said Joe Uva, who
will become Univision�s Chief Executive Officer upon completion of
the acquisition. �Univision is the fastest growing media company in
the country. I am very excited to begin working with the Company�s
strong leadership team, talented employees, and partners to build
on the great success for which Univision is so well known.
Following the transaction, Univision will remain committed to
providing the absolute best in Spanish-language information and
entertainment while building on Univision�s unique connection with
its audience and continuing to serve the rapidly growing U.S.
Hispanic community.� Univision Communications Inc. is the premier
Spanish-language media company in the United States. Its operations
include Univision Network, the most-watched Spanish-language
broadcast television network in the U.S. reaching 99% of U.S.
Hispanic Households; TeleFutura Network, a general-interest
Spanish-language broadcast television network, which was launched
in 2002 and now reaches 87% of U.S. Hispanic Households;
Galavisi�n, the country�s leading Spanish-language cable network;
Univision and TeleFutura Television Groups, which own and operate
63 television stations in major U.S. Hispanic markets and Puerto
Rico; Univision Radio, the leading Spanish-language radio group
which owns and/or operates 69 radio stations in 16 of the top 25
U.S. Hispanic markets and 5 stations in Puerto Rico; Univision
Music Group, which includes Univision Records, Fonovisa Records, La
Calle Records and Mexico-based Disa Records as well as Fonomusic
and America Musical Publishing companies; and Univision Online, the
premier Spanish-language Internet destination in the U.S. located
at www.univision.com. Univision Communications also has a 50%
interest in TuTv, a joint venture formed to broadcast Televisa�s
pay television channels in the U.S., and a non-voting 14.8%
interest in Entravision Communications Corporation, a public
Spanish-language media company. Univision Communications is
headquartered in Los Angeles with television network operations in
Miami and television and radio stations and sales offices in major
cities throughout the United States. For more information, please
visit www.univision.net. This document contains forward-looking
statements that involve risks and uncertainties, including those
relating to expected effects, timing and completion of the merger
transaction, the Company�s future success and growth. Factors that
could cause actual results to differ materially from those
expressed or implied by the forward-looking statements include;
cancellation or reductions in advertising; failure of our new or
existing businesses to produce projected revenues or cash flow;
failure to obtain the benefits expected from cross-promotion of
media; regional downturns in economic conditions in those areas
where our stations are located; changes in the rules and
regulations of the Federal Communications Commission; a decrease in
the supply or quality of programming; an increase in the cost of
programming; an increase in the preference among Hispanics for
English-language programming; the need for any unanticipated
expenses; competitive pressures from other broadcasters and other
entertainment and news media; Internet piracy, home copying and
Internet downloading; further recorded music industry declines;
potential impact of new technologies; unanticipated interruption in
our broadcasting for any reason, including acts of terrorism; write
downs of the carrying value of assets due to impairment; our
inability to complete the proposed merger due to a failure to
satisfy customary closing conditions; inability of the buyer to
obtain the remaining financing on acceptable terms or at all;
failure to obtain expected savings from our vendor efficiency
review, organization changes and the merger and related
transactions; and a failure to achieve profitability, growth or
anticipated cash flows from acquisitions. Factors that could cause
actual results to differ materially from those expressed or implied
by the forward-looking statements include, but are not limited to,
those described in �Risk Factors� contained in our Annual Report on
Form 10-K for the year ended December�31, 2006. The Company assumes
no obligation to update forward-looking information contained in
this press release. Broadcasting Media Partners Inc. Broadcasting
Media Partners Inc. (�BMP�) is an investor group consisting of
Madison Dearborn Partners, Providence Equity Partners, TPG, Thomas
H. Lee Partners, and Saban Capital Group. Madison Dearborn
Partners, LLC Madison Dearborn Partners, based in Chicago, is one
of the most experienced and successful private equity investment
firms in the United States. MDP has more than $14 billion of equity
capital under management and makes new investments through its most
recent fund, Madison Dearborn Capital Partners V, a $6.5 billion
investment fund raised in 2006. MDP focuses on management buyout
transactions and other private equity investments across a broad
spectrum of industries, including basic industries, communications,
consumer, financial services, and health care. Over the last
decade, MDP has been an active investor in the communications
sector, with investments in such companies as Clearnet
Communications, Intelsat, Ltd., MetroPCS, Nextel Partners,
Omnipoint Corporations, and XM Satellite Radio. For more
information, please visit the MDP website at www.mdcp.com.
Providence Equity Partners Inc. Providence Equity Partners Inc. is
a global private investment firm specializing in equity investments
in media, entertainment, communications and information companies
around the world. The principals of Providence Equity manage funds
with approximately $21 billion in equity commitments and have
invested in more than 100 companies operating in over 20 countries
since the firm's inception in 1990. Significant investments include
Bresnan Broadband Holdings, Casema, Com Hem, Digiturk, Education
Management Corporation, eircom, Freedom Communications, Idea
Cellular, Kabel Deutschland, Metro-Goldwyn-Mayer, Ono, PanAmSat,
ProSiebenSat.1, Recoletos, TDC, VoiceStream Wireless, Warner Music
Group, Western Wireless and Yankees Entertainment Sports Network.
Providence Equity is headquartered in Providence, RI, and has
offices in New York and London. The firm is in the process of
opening offices in Hong Kong and New Delhi. TPG TPG is a private
investment partnership that was founded in 1992 and currently has
more than $30 billion of assets under management. Headquartered in
Fort Worth, with offices in San Francisco, London, Hong Kong, New
York, Minneapolis, Melbourne, Menlo Park, Mumbai, Shanghai,
Singapore and Tokyo, TPG has extensive experience with global
public and private investments executed through leveraged buyouts,
recapitalizations, spinouts, joint ventures and restructurings. TPG
seeks to invest in world-class franchises across a range of
industries. Prior investments in media and communications include
Findexa, Hotwire, Metro-Goldwyn-Mayer and TIM Hellas. Other
significant investments include Aleris, Burger King, Continental
Airlines, Debenhams, Ducati, MEMC, J. Crew, Neiman Marcus, Petco,
Seagate and Texas Genco. Visit www.tpg.com. Thomas H. Lee Partners,
L.P. Thomas H. Lee Partners, L.P. is one of the largest and oldest
private equity investment firms in the United States and has raised
and managed almost $20 billion of capital, making investments in
over 100 businesses since its founding in 1974. Today, by remaining
focused on growth oriented companies with strong fundamentals and
investing in large buyouts primarily in North America, THL Partners
continues to build on a strong track record of creating lasting
value and delivering exceptional returns to its investors. Notable
transactions sponsored by the firm include Dunkin� Brands, Simmons,
The Nielsen Company (formerly VNU), Warner Music Group and the
announced acquisitions of Clear Channel Communications and
Univision, as well as the recent realizations of investments such
as Houghton Mifflin and ProSiebenSat.1. Saban Capital Group Saban
Capital Group, Inc. is a private investment firm specializing in
the media and entertainment industries. Based in Los Angeles, SCG
was established in 2001 by Haim Saban, founder of Saban
Entertainment, a global television broadcasting, production,
distribution, merchandising and music company that was sold to the
Walt Disney Corporation in 2001 in a $5.2 billion transaction. The
firm makes both controlling and minority investments in public and
private companies worldwide, including ProSiebenSat.1, Germany's
biggest television group; Keshet Broadcasting Ltd., Israel's
leading television network; and Bezeq, Israel's national phone
company, and adds strategic value through its established
relationships and industry experience.
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