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Grupo Televisa/ Univisión Fallout Causes Speculation

May free-up funds for Televisa to invest in Print/Digital.


In a dramatic turn of events,Grupo Televisa (not Editorial Televisa, as previously stated), has announced its desire to sell its remaining stake in the company “…as soon as possible” in a letter to Umbrella Holdings, LLC, which succeeded in acquiring Univisión on June 27th.

The statement was made in a filing with the Sercurities and Exchange Commission (SEC) under rule 13d, which requires any shareholder possessing more than 5% of a company's shares to declare their holdings to the SEC within 10 days of a majority-stake sale of that company.

The letter states Televisa's desire to sell their shares at “the present value of the price per share set forth in the merger agreement,” which was $36.25 when the deal closed.

Univisión announced last Thursday, July 6th, that Televisa's plans to rid itself of its remaining stake in Univisión will not compromise the Program Licensing Agreement which permits Univisión to air Televisa content until the agreement expires in 2017.

Phil Remek of Guzman & Co., thinks that Televisa might be better off ending up where they did:

“The Univision acquisition is quite a risky venture. Typically, private equity groups invest in underperforming, undervalued assets. Except for a dip last year, Univision has traditionally been fully valuated, so in order for them to post any big gains they are going to have to exhibit some real growth, and I just don't see where that's going to come from.”

Guzman speculates that Televisa might consider doing more to develop the content side of things for their digital platform, such as launching a Spanish-language community site.

Another possibility is that it will continue its strategy of expanding its print operations by developing licensing deals for major titles, or introducing some new titles on its own.

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