May 19, 2024

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Business is my step

Univision Sale Comprehensive Right after FCC Grants International Possession Petition

3 min read

Spanish-language media large Univision has formally changed hands now that the FCC has granted the new owners’ petition with regards to overseas ownership restrictions.

Wade Davis, former main fiscal officer of Viacom, has taken the reins as CEO, as anticipated. Davis’ ForgeLight investment banner and Searchlight Money Associates led the acquisition of a majority stake in Univision from a consortium of personal equity investors led by Haim Saban’s Saban Capital.

Mexican media titan Televisa stays a minority shareholder in Univision. As component of the sale approach, the deal was scrutinized by the FCC and Justice Section.

ForgeLight and Searchlight asked for as component of that overview that the new possession workforce be allowed to exceed the FCC’s rule that international persons or entities can’t personal far more than 25% interest in a corporation that owns Television set stations. The FCC previously granted Univision some leeway on that rule offered that Televisa’s stake already exceeds 25%. The conclusion announced on Dec. 23 offers the new Univision team the potential to go up to as significantly as 100% overseas possession. That marks a sea adjust for FCC coverage and an sign that regulators could be rethinking the overseas possession ban.

“I am honored to be partnering with Searchlight and Televisa to start out this interesting new era for Univision,” explained Davis. “Televisa’s strategic insight and international material leadership, coupled with Searchlight’s huge experience as a prolonged-time period media investor, will support us totally know Univision’s possible as the foremost Hispanic written content company in the United States. Univision’s identified and trusted model, its consistent functionality, and its leadership serving an critical and expanding consumer viewers give us an unmatched chance to obtain even greater accomplishment.”

The FCC’s approval of the overseas ownership petition came in conjunction with Univision’s arrangement to give far more data and stability checking of its functions to the Justice Office.

As element of the sale critique, the Justice Department established an settlement with Univision that phone calls for the corporation to appoint a safety officer to observe compliance with the arrangement.

“Univision agrees to preserve its information and data safety policies regular
with market expectations to deal with bodily and reasonable information and facts security, remote accessibility,
cybersecurity, third-party contractors (managed support vendors), Outsourcing and Offshoring,
routine maintenance and retention of procedure accessibility logs, staff-screening, facts disclosure or Obtain,
and knowledge breach notifications concerning its collection and storage of Facts on Identifiable U.S.
Buyers,” in accordance to the arrangement finalized on Nov. 19.

With the transaction shut, Vincent Sadusky has exited as prepared as CEO. Davis thanked the broadcast Television veteran for main the corporation by means of a turbulent interval right after signing on as CEO in May well 2018.

“This is a pivotal instant in Univision’s wealthy background, as the business plays an progressively crucial function in educating audiences about essential concerns appropriate to the Hispanic group and encouraging and elevating the dialogue on social justice and equality, when also continuing to supply entertainment when viewers need it most,” Davis stated. “I could not be additional energized to get started. I would also like to thank Haim Saban and all the prior proprietors for their stewardship of this legendary enterprise.”

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