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Univision, the largest Spanish-language broadcaster in the United States, announced plans Tuesday to sell the majority of its company to a group of investors led by former Viacom CFO Wade Davis. Deal terms were not disclosed.
Why it matters: The company had been struggling to find a strategic buyer since it said it was putting itself up for sale last year.
Details: Searchlight Capital Partners and ForgeLight will acquire a majority stake (64%) in Univision, per a statement from the network. Mexican TV giant Televisa will retain its ~36% stake in Univision.
- Media veteran Wade Davis will become CEO of Univision upon closing, replacing Vince Sadusky, who had been with the network's CEO since 2018.